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May 19, 2022updated 20 May 2022 8:27am

SpotOn increases valuation to $3.6bn after $300m fundraising

US-based software and payments company SpotOn has raised its valuation to $3.6bn after raking in $300m in a Series F funding round led by Dragoneer Investment Group.

The firm plans to use the fresh capital to develop additional technology products, including tools and software, that enable businesses to cater to the evolving needs of consumers.

The funding round was joined by existing backers including Andreessen Horowitz (a16z), DST Global, Franklin Templeton, and Mubadala Investment Company in addition to the new investor, G Squared.

SpotOn co-CEO Zach Hyman said: “This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive, because their success is our mission.

“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 provides end-to-end software and payment platform for businesses in the retail, food and hospitality segments. The firm has 2,000 employees across its offices in San Francisco, Chicago, Detroit, Denver, Mexico, and Poland.

The latest fundraising follows the firm’s $300m Series E funding eight months ago.  

Dragoneer managing partner and founder Marc Stad said: “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 customised solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow.

“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.”

In 2020, SpotOn raised $60m in a Series C funding round to offer digital-first solutions to its small business (SMB) clients.

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