Total amount raised
$918 Millions
Latest funding date
5/1/2022
Location
SpotOn has successfully raised significant funding across multiple rounds, attracting notable investors such as DST Global and G Squared. The company offers a comprehensive suite of point-of-sale systems and business software solutions tailored to the needs of restaurants and small businesses.
Keep reading to explore the intricacies of SpotOn's fundraising journey and the investors backing this innovative platform.
What Is SpotOn?
SpotOn, founded in 2017 in San Francisco, California, is a company that provides point-of-sale systems and business software solutions. The company was established by Doron Friedman, Matt Hyman, and Zach Hyman.
SpotOn offers a comprehensive suite of services tailored to the needs of restaurants and small businesses, including marketing, online ordering, and digital loyalty programs. Their solutions are designed to help businesses operate more efficiently and effectively.
With a workforce of 1001-5000 employees, SpotOn continues to grow and innovate, providing essential tools and support to help businesses thrive in a competitive market.
How Much Funding Has SpotOn Raised?
- Pre-Seed Round
- Amount Raised: $20M
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop and launch the platform.
- Seed Round
- Amount Raised: $23M
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance product offerings.
- Series A
- Amount Raised: $40M
- Date: June 2019
- Lead Investors: Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: $50M
- Date: March 2020
- Lead Investors: 01 Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve technology infrastructure.
- Series C
- Amount Raised: $60M
- Date: September 2020
- Lead Investors: DST Global
- Valuation at Round: $625M
- Motivation Behind the Round: To expand product offerings and increase market penetration.
- Series D
- Amount Raised: $125M
- Date: May 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $1.875B
- Motivation Behind the Round: To support strategic acquisitions and enhance service capabilities.
- Series E
- Amount Raised: $300M
- Date: September 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $3.15B
- Motivation Behind the Round: To acquire Appetize and expand into the enterprise market.
- Series F
- Amount Raised: $300M
- Date: May 2022
- Lead Investors: Dragoneer Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product innovation.
SpotOn has raised a total of $918M in funding. The most recent valuation is $3.15B.
Key Investors
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm that focuses on technology-enabled businesses. They have a reputation for long-term investments in high-growth companies.
- Investment Focus Areas: Technology-enabled businesses, fintech, enterprise software.
- Notable Investments: Airbnb, DoorDash, Uber.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a leading venture capital firm based in Silicon Valley. They back bold entrepreneurs building the future through technology.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Facebook, Twitter, Airbnb.
- DST Global
- Details: DST Global is a global investment firm focused on late-stage internet companies. They are known for investing in companies with significant growth potential.
- Investment Focus Areas: Late-stage internet companies, social media, e-commerce.
- Notable Investments: Facebook, Alibaba, Spotify.
- 01 Advisors
- Details: 01 Advisors is a venture capital firm founded by former Twitter executives. They provide funding and advice to technology companies.
- Investment Focus Areas: Technology, internet companies.
- Notable Investments: Bird, Brex, Plaid.
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization. They offer a variety of investment solutions, including mutual funds and ETFs.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Alphabet, Amazon, Microsoft.
What's Next for SpotOn?
SpotOn's acquisition of Appetize opens up vast opportunities in the enterprise market, particularly in sports and entertainment venues, theme parks, and college campuses. This move allows SpotOn to integrate Appetize's advanced technology for contactless payments and mobile ordering, significantly enhancing its service offerings for both small businesses and large enterprises.
With a valuation of $3.15 billion, SpotOn is well-positioned to attract further investment. The successful Series E funding round, led by Andreessen Horowitz, indicates strong investor confidence. Future fundraising could support additional acquisitions and technological advancements, driving further growth.
However, integrating Appetize's operations and maintaining a competitive edge in a rapidly evolving market will be challenging. SpotOn must also manage the complexities of scaling its operations across diverse regions and industries while continuing to innovate and meet customer expectations.
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