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Payments startup SpotOn raises $50M to boost product development
Payments startup SpotOn Transact Inc. announced today it has raised $50 million in new funding to continue the company’s investment into product development and building solutions for specific industries.
The Series B round was led by 01 Advisors and included Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
Founded in 2017, SpotOn offers cloud-based software that offers payment solutions for merchants with additional marketing, loyalty, website design, appointment, payroll and review services. Targeted at small to medium-sized businesses, the service is pitched as providing enterprise-level solutions at affordable prices with end-to-end solutions to fit any type of business. A catch-all in terms of product offering, SpotOn at its core is a payment processing startup that offers point-of-sale integration.
01 Investors, the company that led the funding, is helmed by Dick Costolo, the former chief executive officer of Twitter Inc. “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,” Costolo said in a statement. “SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”
SpotOn claims to have increased its revenue by more than 150% in the last year, with more than 5,000 clients. While broadly open to small and medium-sized of various types, SpotOn’s offering has been particularly successful in the restaurant industry.
The company has global ambitions, recently opening offices in Mexico City, Mexico, and Krakow, Poland, in addition to its existing offices in San Francisco, Chicago, Detroit and Denver. The company now employs more than 850 people and is said to be aggressively hiring.
The focus on the restaurant industry may come back to bite it, given that the restaurant industry is hard-hit by coronavirus contagion fears. Even in SpotOn’s hometown of San Francisco, the restaurant industry is said to feeling the impact of the virus, with people staying at home. The situation is so dire that the San Francisco Chronicle reported Sunday that the Chamber of Commerce is planning to petition the city government for an economic stimulus package. It’s not just San Francisco, however, with worldwide reports of restaurants in dire trouble.
Including the new funding, SpotOn has raised $110 million to date.
Image: SpotOn
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