SpotOn, a software and payment company for restaurants, retail and enterprise venues, announced it closed a $300 million Series F funding round Wednesday. The funding brings SpotOn’s valuation to $3.6 billion.
The round was led by Dragoneer Investment Group with participation from existing investors Andreessen Horowitz (a16z), DST Global, Franklin Templeton and Mubadala Investment Company. G Squared also invested in SpotOn for the first time with this round.
SpotOn offers a number of comprehensive, cloud-based software and payment solutions to companies big and small. From simple point-of-sale systems to reservation management to labor management, SpotOn makes it simple and easy for businesses to keep track of transactions and manage their entire business in one place. The San Francisco-based company plans to use its new capital to continue product development.
“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 customized solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow,” Dragoneer Founder and Managing Partner Marc Stad said in a statement. “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.”
This funding comes just eight months after SpotOn’s $300 million Series E. The company has experienced a ton of growth in that time. Recently, SpotOn strengthened its restaurant product by acquiring labor management solution Dolce. It also recently launched its omnichannel retail platform SpotOn Retail to help small businesses compete with big box stores.
“This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive because their success is our mission,” SpotOn co-CEO Zach Hyman said in a statement. “Dragoneer believed in our vision from the very beginning, and we are grateful for the ongoing confidence and support of such a respected firm.”
