Total amount raised
$918 Million
Latest funding date
5/1/2022
Location
SpotOn has successfully raised funds in eight rounds, with the latest being a Series F round led by Dragoneer Investment Group. The company offers comprehensive point-of-sale systems and business software solutions tailored to the needs of various businesses, including 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, based in San Francisco, California, provides mobile payment technology and management systems for restaurants and small businesses. The company operates in the mobile payments, payments, sales automation, and software industries.
Founded in 2017, SpotOn has grown to employ between 1001 and 5000 people. The company has successfully raised funds in eight rounds, with the latest being a Series F round. SpotOn is known for its comprehensive point-of-sale systems and business software solutions, including AI-powered tools like Profit Assist for P&L analysis.
How Much Funding Has SpotOn Raised?
- Pre-Seed Round
- Amount Raised: USD 20,000,000
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Seed Round
- Amount Raised: USD 23,000,000
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and market reach.
- Series A
- Amount Raised: USD 40,000,000
- Date: June 2019
- Lead Investors: Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series B
- Amount Raised: USD 50,000,000
- Date: March 2020
- Lead Investors: 01 Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market presence.
- Series C
- Amount Raised: USD 60,000,000
- Date: September 2020
- Lead Investors: DST Global
- Valuation at Round: USD 625,000,000
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series D
- Amount Raised: USD 125,000,000
- Date: May 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: USD 1,875,000,000
- Motivation Behind the Round: To support rapid growth and strategic acquisitions.
- Series E
- Amount Raised: USD 300,000,000
- Date: September 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: USD 3,150,000,000
- Motivation Behind the Round: To acquire Appetize and expand market coverage.
- Series F
- Amount Raised: USD 300,000,000
- Date: May 2022
- Lead Investors: Dragoneer Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technological capabilities.
Total Amount Raised: USD 918,000,000. Current Valuation: USD 3,150,000,000.
Key Investors
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz is a private venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz.
- Investment Focus Areas: Technology, consumer, enterprise, bio/healthcare, crypto, fintech.
- Notable Investments: Facebook, Airbnb, Lyft, Slack, Coinbase.
- DST Global
- Details: DST Global is a venture capital and private equity firm that focuses on late-stage internet companies. It was founded by Yuri Milner in 2009.
- Investment Focus Areas: Internet companies, technology startups.
- Notable Investments: Facebook, Twitter, Alibaba, Spotify.
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm based in San Francisco. It was founded in 2012 by Marc Stad.
- Investment Focus Areas: Technology, growth-stage companies.
- Notable Investments: Airbnb, Uber, Snowflake, DoorDash.
- 01 Advisors
- Details: 01 Advisors is a venture capital firm that focuses on technology companies, particularly those in the growth stage. It was co-founded by Dick Costolo and Adam Bain.
- Investment Focus Areas: Technology companies, growth-stage startups.
- Notable Investments: Not explicitly mentioned.
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization founded in 1947. It is headquartered in San Mateo, California.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Not explicitly mentioned.
What's Next for SpotOn?
SpotOn's future looks promising as it expands into the enterprise market through its acquisition of Appetize. This move allows SpotOn to serve a broader range of clients, from small businesses to large venues like sports stadiums and theme parks. The integration of Appetize's technology will enhance SpotOn's offerings, making it a comprehensive platform for various business needs.
With a valuation of $3.15 billion and a recent $300 million funding round, SpotOn is well-positioned for future growth. The company may attract further investments to support its expansion and technological advancements. However, challenges such as integrating Appetize's operations and competing with established players in the industry could pose hurdles along the way.
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