ShopKeep Announces $60 Million Series D Round Funding
ShopKeep, the cloud-based technology and business management solution used by more than 18,000 independent merchants, announced on Tuesday that it has received $60 million in series D funding.
This new injection of capital is led by investor Activant Capital with support from existing investors which ShopKeep plans to use aggressively to grow its overall U.S. customer base, strengthen industry partnerships, and launch international operations, starting with the U.K. this month.
ShopKeep’s CEO and President Norm Merritt echoed these plans by stating, “First and foremost, we’ll be focused on growing our US merchant base by adding to our engineering, sales, marketing, and operations teams. We also will continue to invest in strong partner relationships with various vendors in the point-of-sale and payments landscape.”
In addition, Steve Sarracino, founder of Activant Capital, will be joining ShopKeep’s board of directors as a result of this investment.
Sarracino remarked, “This is a crucial time for the mobile payments and small business technology sectors – both are evolving at a rapid pace and competition amongst the major players is heating up. ShopKeep is at the forefront of this evolution and is offering the most comprehensive and forward thinking solution for growing businesses, combined with unmatched customer care.”
The company has already experienced substantial growth with more than $6 billion in transactions processed through it’s network last year and has raised more than $97.2 million in funding to date.
“ShopKeep is currently used in 25 countries, and in all 50 states, and growth continues to be viral and organic,” added Merritt.