Existing investors Canaan Partners, Tribeca Venture Partners, TTV Capital and Contour Venture Partners also took part in the round.
Shopkeep said the new funding came after a third consecutive year of tripled growth, overseas expansion and product releases.
The company currently manages more than $1.8bn in payment processing each year.
ShopKeep was founded in 2008 by former wine and grocery store owner Jason Richelson, in the back room of his Brooklyn wine shop.
He said, “I started ShopKeep because I was fed-up with the software available to me in my wine store, and I knew there had to be a better way.
“Partnering with Thayer Street is a significant step in our evolution as a company given their deep experience in tech-enabled financials and long-term investment approach.
“We’re aiming to be the first billion dollar software-as-a-service company to come out of New York.”
Thayer Street founder Josh Koplewicz said, “Jason and the ShopKeep team have done an incredible job building a company that is revolutionizing the way small businesses use cloud–based technology to run and scale their businesses.”
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