San Francisco-based payments giant SpotOn announced Monday that it raised $300 million in a fresh financing round led by Andreessen Horowitz. The Series E sent the unicorn’s valuation soaring to a whopping $3.15 billion. This latest raise comes less than four months following SpotOn’s Series D round when the company was valued at $1.8 billion.
SpotOn arms small and medium-sized businesses with software to help facilitate point-of-sale transactions. The company plans to use the funding to acquire Appetize, another mobile commerce platform for enterprise businesses. Whereas SpotOn primarily focuses on restaurants, salons and retailers, Appetize caters to sports venues, theme parks, zoos and more.
“From our first meetings with Appetize, we knew they had great people and a great product, and the more we worked together it became clear that our two companies were stronger together,” Matt Hyman, co-CEO of SpotOn, said in a statement.
Following the acquisition, the two companies will consolidate their complimentary technologies in order to maximize their market coverage. The deal is set to close by mid-September, according to SpotOn.
“[We’ve] built a truly special team and product that is trusted by some of the most iconic brands in hospitality,” Max Roper, CEO of Appetize, said in a statement.
Following the deal’s close, Roper will continue on in his role running Appetize as part of SpotOn.
In addition to the acquisition, SpotOn will use the additional capital to expand its current headcount of 1,300. The company is now hiring for dozens of remote-based positions across its engineering and sales teams at its Bay Area headquarters. A slew of in-person roles are also available across SpotOn’s offices in Chicago, Detroit, Denver and more.
“We’re quickly becoming a part of everyday life for consumers across the country,” Hyman said.
SpotOn has raised $628 million in venture capital financing to date.
Additional investors DST Global, 01 Advisors and Dragoneer Investment Group participated in the Series E round, among others.
