ShopKeep POS raises $25 million investment
New York-based ShopKeep POS has announced receiving $25 million funding in a series C round led by Thayer Street Partners.
Jason Richelson, CEO of ShopKepp, said that the startup intends to pursue its mission of helping small companies through the “power of the cloud to deliver actionable analytics.” The platform of the company has been designed to help keep track of inventory as well as the working hours of employees.
The newly infused funds will be used to update their operating systems from Windows XP. The move was after Microsoft has stopped supporting XP and continuing to use the software would outdate any company.
Richelson said, “Because of [the] expiration of XP, there’s a really big catalyst to retailers all over to change their POS system, they need to upgrade. We really want to be there for them.”
ShopKeep now has more than 10,000 clients in North America and processes more than $1.8 billion in payments annually. Each consecutive year for the last three it has grown three times in revenue. Last year, Richelson spent his time building the sales and marketing team.
The new funding brings ShopKeep at a total of $37.2 million raised. The current investors include Canaan Partners and Tribeca Venture Partners, who participated in the latest round.