SpotOn Transact, Inc. (“SpotOn”), an innovative software and payments company, today announced $60 million in Series C funding.
The round is led by DST Global, one of the world’s leading investment firms, with participation from existing investors including Dragoneer Investment Group and Franklin Templeton. The new funding comes on the heels of SpotOn’s Series B funding announcement in March and reflects the company’s rapid growth over the last six months.
Focused on the retail, services and restaurant industries, the SpotOn ecosystem offers powerful technology to small- and medium-sized businesses (SMBs) at a price they can afford. While the company has products specifically designed for each vertical, such as appointments, eCommerce, online ordering and reservation management, its uniqueness lies in offering high-powered capabilities that every business needs. These include marketing, website development, omnichannel payments and point-of-sale (POS) solutions.
"We're excited to partner with the SpotOn founders and management team in their vision of empowering small businesses by offering a suite of integrated payments and software products at low transparent prices,” said Rahul Mehta, managing partner at DST Global. "We're very impressed with their quality of execution, product cadence and customer centric approach in these unprecedented times.”
While the shift to leveraging technology has been a long time coming for SMBs, the COVID-19 pandemic has accelerated business owners’ need to adopt digital solutions. Restaurants have been pivoting to reach and serve customers in new ways, and retailers have been seeing the lines blur between brick and mortar and e-commerce. Business owners have had to adjust quickly under these new circumstances, and SpotOn's solutions are filling that need.
“SpotOn is committed to SMBs by providing them with the tools they need to thrive in any climate,” said Matt Hyman, co-founder of SpotOn. “We will continue to create innovative products and further our go-to-market approach to ensure merchants nationwide have access to the tools they need to run their businesses. This fundraise, and partnering with a firm like DST Global, allows us to accelerate our pursuit of that goal.”
“We were on a path to integrate more technology into our operations before COVID-19 and found ourselves fast-tracking during the pandemic so that we could get back to business as fast as possible, serve our customers and keep our people employed,” said Kevin Youkilis, owner of Loma Brewing Company. “In less than a week we were able to get SpotOn Restaurant and Online Ordering in place, a seamless integration that improved our efficiency, expanded our business and helped increase sales from early COVID shutdown levels.”
SpotOn has offices in San Francisco, Chicago, Detroit, Mexico City and Krakow, and the company employs more than 1,000 dedicated and passionate team members whose mission is to help SMBs thrive by providing easy-to-use tools and personalized tech support so they can grow their businesses. This approach allows merchants to not only adapt to the challenging needs of the moment, but also enable agility as SpotOn’s technology is designed to scale with them as they grow.