It has been an eventful few months for SpotOn, a payment-processing startup that creates point-of-sale software for small and medium-sized businesses. After increasing its revenue by more than 150% in 2019, the San Francisco-based company kicked off the new year by adding 5,000 clients and raising $50 million in Series B funding from former Twitter executives, including CEO Dick Costolo, COO Adam Bain and head of corporate development and investor relations David Rivinus.
The funding, much of which will be invested in product development and sales software for the food and drink businesses that make up about 25% of SpotOn’s clientele, could not have come at a better time. Nationwide orders to shelter in place have forced restaurants and bars to close their doors indefinitely, making their businesses solely reliant on delivery and takeout orders. In the past week, SpotOn has had more than 500 clients request online ordering software.