POS startup ShopKeep raises $25m
24 April 2014 | 4058 views | 0
New York-based point-of-sale startup ShopKeep has raised $25 million in a funding round led by Thayer Street Partners.
Existing investors Canaan Partners, Tribeca Venture Partners, TTV Capital and Contour Venture Partners also participated in the round, which brings total funding to more than $37 million.
Shopkeep is one of the many new entrants, led by Square, bidding to shake-up the POS market by offering a tablet and software combination that lets merchants accept card payments as well as manage their inventory and accounts.
The firm charges $49 per register and also sells hardware such as stands and cash drawers. Around 10,000 merchants have signed for the technology and ShopKeep now manages nearly $2 billion a year in transactions.
Square, PayPal, Inuit and Amazon and a host of smaller startups are all looking to disrupt the POS market but making a profitable play is proving tricky. Earlier this week rumours circulated that Square is looking for a buyer amid rising growing losses and a shrinking cash pile.