Investment values the company at $1.875 billion and cements SpotOn as a leading software and payments provider for restaurants and SMBs
SpotOn (www.spoton.com), one of the fastest-growing software and payments companies with comprehensive solutions for restaurants and retail businesses, today announced $125 million in Series D funding, increasing its valuation to $1.875 billion. The round was led by Andreessen Horowitz (a16z), one of the world’s leading technology and software investors, with continued participation from current investors, including DST Global, 01 Advisors, Dragoneer Investment Group, and Franklin Templeton, as well as new investor Mubadala Investment Company.
“SpotOn offers a fully-integrated product suite that has not only helped SMBs survive the pandemic, but has been the critical infrastructure to keep many of them going,” said David George, general partner at Andreessen Horowitz. “The company’s mission is to help small businesses compete and win, and this has been validated time and time again by their strong customer feedback and accelerated product adoption. We are excited to partner with SpotOn as they continue to power SMBs nationwide.”
“Having a16z lead our Series D is an endorsement of our strong and unique position in the marketplace and recognizes our continued growth and momentum,” said Zach Hyman, Co-CEO and Co-Founder. “This capital will be used to further accelerate product development and expand our market presence.”
SpotOn develops technology that integrates the core needs of SMBs into a seamless, reliable system that becomes the backbone of their operation, providing the ease of one integrated platform while saving thousands of dollars in payments and software fees to multiple vendors.
- For restaurants, this means eliminating the need for multiple platforms and high-cost third-party vendors by combining point-of-sale, reservations, online ordering, delivery, loyalty, website development, enterprise reporting, and more, into one integrated platform.
- For service and retail clients, SpotOn provides point-of-sale, eCommerce, integrated delivery solutions, inventory management, loyalty, appointment software, website development and more that allows them to compete and win in the marketplace.
- All clients have access to the shared SpotOn platform, which includes essential business tools like digital marketing, review management and data analytics, as well as a complete payment acceptance ecosystem, including invoicing, virtual terminal and the ability to accept payments in-store, online or on-the-go.
Nearly 8,000 businesses have already made the switch to SpotOn in 2021 and the company expects that number to triple by the end of the year. Restaurants and small businesses are turning to SpotOn for its no contract policy, personal service, fair pricing and integrated, cloud-based platform. Investments in innovation ensure that SpotOn’s clients have a future-proof solution with a steady stream of upgrades and improvements so they will have ready access to the best technology for the long-term.
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