Innovative software and payment company has tripled revenue in the restaurant sector over the past year as businesses look to grow revenue, decrease costs, and improve the guest experience
SAN FRANCISCO—May 18, 2022—SpotOn (www.spoton.com), a leading software and payment company with comprehensive solutions for restaurants, retail businesses, and enterprise venues, today announced $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, LLC (“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.
SpotOn is one of the fastest-growing software and payment companies with comprehensive, cloud-based technology for businesses of all types and sizes. Known for its rapid innovation and industry-leading customer service, SpotOn offers an end-to-end software and payment platform to streamline operations, improve the customer experience, and increase profit. From seamless and efficient point-of-sale systems to integrated management solutions built for the fast-growing enterprise, SpotOn builds technology that "works the way you work", and backs it up with a 24/7 team of experts who make sure it always does—with fairness, flexibility, and a personal touch. SpotOn has 2,000 employees, including one of the strongest product and technology teams in the combined software & payments industry. For more information, visit www.spoton.com.
About Dragoneer Investment Group
Dragoneer Investment Group is a growth-oriented investment firm with over $25 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. The firm has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.