SpotOn, a San Francisco-based rival of Block, has scored its second-consecutive $300 million funding round as it continues to grow its customer base and add other tech companies to its fold.
The company, which serves businesses from local restaurants to professional sports stadiums, said the new funding will support the continued innovation of software that focuses on businesses in the retail, food and hospitality sectors and to further develop its technology products. In the last year, the company said it has landed tens of thousands of business customers and has seen three-fold growth in the restaurant segment.
Wednesday's round was led by San Francisco-based Dragoneer Investment Group, LLC with participation from existing investors including Andreessen Horowitz, DST Global, Franklin Templeton, and Mubadala Investment Company, as well as new investor, G Squared. The funding also represents Dragoneer’s sixth investment in SpotOn over the last three years.
"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,” Marc Stad, founder and managing partner at Dragoneer, stated in a release.
The big payday comes eight months after SpotOn got another $300 million in a Series E round and vaults the company's valuation to $3.6 billion. It also comes after its 2021 acquisitions of Dolce, a labor management solution which streamlines payroll, scheduling, tip-pooling and compliance and Los Angeles startup Appetize, which provides a digital and mobile commerce platform for larger operations including sports and entertainment venues, theme parks, zoos and college campuses.
“This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive because their success is our mission,” Zach Hyman, co-CEO of SpotOn, 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.”
Earlier this year, the company also brought aboard three new additions to its C-suite: Chief financial officer Lisa Banks, chief people officer JiNa Han and chief revenue officer Mark Brodahl.
