SpotOn Raises $50 Million in Series B Funding from Former Twitter Executives
The payments and software company will increase investment in product development to continue building end-to-end vertical solutions and accelerating hiring across all functions
SpotOn Transact, Inc (“SpotOn”), an innovative payments and software company, announced $50 million in Series B funding. The round includes 01 Advisors, an investment and advisory firm founded by Twitter’s former CEO Dick Costolo, former COO Adam Bain and former Corporate Development and Investor Relations executive David Rivinus, as well as returning investors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group. This new funding follows a year in which SpotOn increased its revenue by over 150%. The company has continued that momentum in 2020 by adding over 5,000 clients already.
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Focused on empowering small- and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices, the SpotOn ecosystem goes way beyond traditional payment processing and point-of-sale (POS) software. SpotOn integrates payments capabilities with POS and software tools to create customized, end-to-end solutions to fit any type of business. These include marketing, website development, appointment scheduling, digital loyalty, review management, and both retail and restaurant POS solutions.
“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,” said Dick Costolo, Managing Partner and Co-Founder of 01 Advisors. “SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”
The $50 million in funding will be used to continue SpotOn’s investment into product development building solutions for specific verticals. This strategy builds on the tremendous success the company had this past year focusing on the food and beverage industry. 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.
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“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,” stated Zach Hyman, Co-Founder of SpotOn. “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.”
SpotOn is headquartered in San Francisco with expanding product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico City, Mexico and Krakow, Poland. To support accelerating demand for its solutions, SpotOn now employs over 850 people and is aggressively hiring.
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