SAN FRANCISCO — SpotOn, a software and payment company with comprehensive solutions for restaurants, retail businesses, and enterprise venues, has secured $300 million in Series F funding, raising its valuation to $3.6 billion. The company will use the funding to further develop technology products that enable businesses to meet the evolving needs of today’s consumer. In the last year alone, tens of thousands of businesses have chosen to make SpotOn their technology partner, contributing to the tripling of SpotOn’s restaurant segment in that period.
The round was led by Dragoneer Investment Group, a growth-oriented investment firm, with continued participation from existing investors including Andreessen Horowitz (a16z), DST Global, Franklin Templeton, and Mubadala Investment Company, as well as new investor, G Squared.
The funding comes eight months after SpotOn’s Series E and increases its valuation to $3.6 billion. During that time, SpotOn has continued to rapidly deliver new innovations and grow market share by:
- Strengthening its flagship SpotOn Restaurant product with the acquisition and integration of Dolce, a labor management solution which streamlines payroll, scheduling, tip-pooling and compliance
- Launching SpotOn Retail, an omnichannel retail platform that allows independent retailers to compete with big-box stores and ecommerce giants by selling in store, online, or on the go through one seamless, intuitive dashboard
- Adding Lisa Banks (Chief Financial Officer), JiNa Han (Chief People Officer), and Mark Brodahl (Chief Revenue Officer) to the executive team
“This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive, because their success is our mission,” said Zach Hyman, Co-CEO of SpotOn. “Dragoneer believed in our vision from the very beginning, and we are grateful for the ongoing confidence and support of such a respected firm.”
SpotOn serves businesses of all types and sizes from local family restaurants to Major League Baseball stadiums. The new funding will support continued innovation of tools and software that focus on the success of businesses in the retail, food and hospitality sectors.
“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,” said Marc Stad, Founder and Managing Partner at Dragoneer. “We couldn’t be more excited to continue to support the team in their journey to deliver the best software and payment systems for their clients.”
This is Dragoneer’s sixth investment in SpotOn over the last 3 years, and the first time it has led the investment round. Dragoneer is well-known for investments in technology-enabled businesses.