In late 2011, Tribeca Venture Partners led ShopKeep’s Series A financing to help expand the penetration of their cloud-based POS software from a small group of mostly local NYC merchants to a national scale. ShopKeep had 12 employees at the time, and much of the investment went towards team and product. Fast forward nine years later, ShopKeep serves over 20,000 customers and over $7B in gross transaction volume annually. It’s been quite a journey, and today begins a new chapter with the announcement that Lightspeed has acquired ShopKeep for $440M.
In any venture-backed company, it takes the contributions of many to make great things happen. I can say without question that over the years, every founder, executive, and team member made important contributions to the business. It was a true team effort, and it’s been our pleasure to work with all of them.
While we’ll miss working day-to-day with the team, we couldn’t be more excited by the acquisition and couldn’t imagine a better fit than Lightspeed. Not only is there a strong cultural fit, but the combined company is a clear global leader in the cloud-based omnichannel commerce platform market. We expect great things in the future from the combined company.