The new funding round was led by Dragoneer Investment Group and saw participation from existing investors like Andreessen Horowitz and Franklin Templeton
SpotOn, a California-based software and payment company, has raised $300m in a Series F funding round to take its valuation to $3.6bn.
The financing round was led by Dragoneer Investment Group. It also saw the participation from existing investors Andreessen Horowitz (a16z), Franklin Templeton, DST Global, and Mubadala Investment, alongside a new investor in G Squared.
SpotOn caters to businesses of all types and sizes, ranging from local family restaurants to Major League Baseball stadiums. It offers them an end-to-end software and payment platform for optimising operations, enhancing the customer experience, and boosting profit.
Dragoneer Investment Group founder and managing partner Marc Stad said: “Mom-and-pop restaurants and retail businesses are facing rapidly changing consumer expectations within today’s tech-driven landscape. SpotOn has made it their mission to provide customised solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow.
“We couldn’t be more excited to continue to support the team in their journey to deliver the best software and payment systems for their clients.”
The latest funding round follows a Series E round led by Andreessen Horowitz in September 2021 in which SpotOn raised $300m to take its valuation at that time to $3.15bn.
The company used the funding to acquire Appetize, a digital and mobile commerce platform for enterprise businesses.
It had also acquired and integrated Dolce, a labour management solution, in a move to bolster its flagship SpotOn Restaurant product.
Following the Series E round, SpotOn had also launched an omnichannel retail platform called SpotOn Retail that enables independent retailers to compete with big-box stores and ecommerce majors by selling in store, online, or on the go by using an intuitive dashboard.
The company will use the Series F funding towards the continued innovation of tools and software that focus on helping businesses in the retail, hospitality, and food sectors.
SpotOn co-CEO Zach Hyman said: “This investment allows us to continue aggressively investing in tech, service, and distribution to help our clients thrive, because their success is our mission.
“Dragoneer believed in our vision from the very beginning, and we are grateful for the ongoing confidence and support of such a respected firm.”