American payments firm SpotOn Transact has received $50m in funding through a Series B round that included former Twitter executives.
Investment firm 01 Advisors, set up by former Twitter CEO Dick Costolo, ex-COO Adam Bain along with ex-corporate development and investor relations executive David Rivinus participated in the fundraising.
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The firm was joined by returning backers Dragoneer Investment Group, Franklin Templeton as well as EPIQ Capital Group.
Referring to SpotOn, Costolo noted: “There are companies that build great products, and there are companies that build great sales teams, but it’s rare to find an organisation that can do both.”
Using the fresh funds, SpotOn intends to develop its product line-up for specific verticals.
SpotOn co-founder Zach Hyman said: “Businesses need help navigating the digital shift in commerce, whether that’s utilising new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers.”
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By GlobalDataSpotOn combines payment capabilities with POS and software solutions to offer tailored offerings for different businesses.
They are marketing, website development, digital loyalty, as well as retail and restaurant POS solutions, among others.
Based in San Francisco, the firm also has a presence in Chicago, Detroit, Denver, Mexico City, and Krakow. Its staff strength is more than 850.
