SpotOn, a San Francisco, CA-based software and payments company with comprehensive solutions for restaurants and retail businesses, raised $300m in Series E funding, raising its valuation to $3.15 billion.
The round was led by Andreessen Horowitz (a16z), with continued participation from current investors, including DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala Investment Company, as well as new investors Wellington Management and Coatue Management. Advisors Douglas Merritt, CEO of Splunk, and Mike Scarpelli, CFO of Snowflake, also made individual investments.
The funding increases the company’s valuation from $1.875 to $3.15 billion.
The company intends to use the funds to acquire Appetize, a digital and mobile commerce platform for enterprise businesses, such as sports and entertainment venues, theme parks, zoos, college campuses, and more. Max Roper, CEO at Appetize, will continue running the business as part of SpotOn (now SpotOn Enterprise).
Founded in 2017 by Matt and Zach Hyman, SpotOn is a software and payments company with comprehensive solutions for restaurants and retail businesses, which include marketing, website development, ecommerce, reservations, online ordering, digital loyalty, review management, and both retail and restaurant point-of-sale (POS) solutions. The company has 1,300 employees and maintains offices around the world, including San Francisco, Los Angeles, Chicago, Mexico City, Detroit, Atlanta, Denver, and Krakow.
Following the acquisition, SpotOn will expand its reach to serve the middle market. SpotOn has hundreds of account executives embedded in communities across the country who will bring Appetize’s world-class technology to thousands of regional entertainment centers, stadiums, colleges, and universities in these communities.
FinSMEs
13/09/2021