- Payments software company SpotOn Transact announced it raised $50 million in Series B funding
Payments software company SpotOn Transact announced it raised $50 million in Series B funding. This funding round included 01 Advisors (an investment and advisory firm founded by former Twitter CEO Dick Costolo, former COO Adam Bain, and former Corporate Development and Investor Relations executive David Rivinus) along with existing investors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
This funding round comes on the heels of SpotOn increasing its revenue by more than 150%. And the company saw rapid growth in 2020 by adding more than 5,000 clients already.
SpotOn is focused on empowering small- and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices. And the SpotOn ecosystem goes way beyond traditional payment processing and point-of-sale (POS) software. And SpotOn is known for integrating payment capabilities with POS and software tools to create customized and end-to-end solutions to fit any type of business. This includes marketing, website development, appointment scheduling, digital loyalty, review management, and retail and restaurant POS solutions.
The $50 million funding round will be used to continue SpotOn’s investment into product development building solutions for specific verticals. And this strategy builds on the tremendous success the company had this past year focusing on the food and beverage industry. Plus SpotOn recently announced its Restaurant Advisory Board aimed at harnessing the expertise of world-class restaurateurs and has tripled the development team to further enhance the SpotOn Restaurant solution.
SpotOn is based out of San Francisco and it is expanding product, technology, and operations teams in Chicago, Detroit, and Denver as well as newly opened offices in Mexico City, Mexico and Krakow, Poland. And to support accelerating demand for its solutions, SpotOn now employs more than 850 people and is aggressively hiring.
Key Quotes:
“There are companies that build great products, and there are companies that build great sales teams, but it’s rare to find an organization that can do both. SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”
-Dick Costolo, Managing Partner and Co-Founder of 01 Advisors
“Businesses need help navigating the digital shift in commerce, whether that’s utilizing new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers. Business owners are rapidly selecting SpotOn as their go-to technology partner, and we’re excited to continue building SpotOn into a household name within the business community and beyond.”
-Zach Hyman, Co-Founder of SpotOn
