CA-based software and payments company SpotOn raised $125m in a funding round led by venture capital giant Andreessen Horowitz that valued the startup at about $1.88bn.
The Series D funding round included existing investors such as DST Global, Dragoneer Investment Group, Franklin Templeton and 01 Advisors, an investment firm founded by former Twitter chief executive Dick Costolo. It also saw the participation of Abu Dhabi state fund Mubadala Investment Co.
It intends to use the new funding for product development and expanding its market presence.
SpotOn, co-founded in 2017 by twin brothers Matt and Zach Hyman, offers a cloud-based payments platform and other solutions including digital marketing, website development, reservations, online ordering, digital loyalty, and review management to both retail and restaurant establishments.
The firm’s payment features include a complete payment acceptance ecosystem including invoicing, virtual terminal and the ability to accept payments in-store, online or on-the-go, it said.
Boasting 1,200 employees, SpotOn maintains offices around the world, including San Francisco, Chicago, Mexico City, Detroit, Denver and Krakow.
Commenting on the funding, Andreessen Horowitz partner David George said, “SpotOn offers a fully-integrated product suite that has not only helped SMBs survive the pandemic but has been the critical infrastructure to keep many of them going. The company’s mission is to help small businesses compete and win, and this has been validated time and time again by their strong customer feedback and accelerated product adoption.”
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