SpotOn has closed on $300 million in a Series F financing that values the company at $3.6 billion.
Dragoneer Investment Group led the latest round, which included participation from existing backers, as well as a new investor, G Squared.
SpotOn's third raise in the past year alone and Dragoneer's sixth investment in the company over a three-year period are the results of the investment. The firm has never led a round. The company says it saw 100% year-over-year ARR growth last year.
SpotOn closed a $300 million Series E round at a $3.15 billion valuation. Three and a half months after the startup raised $125 million at a $1.875 billion valuation, it held a funding event.
SpotOn has focused on providing software and payments technology to restaurants and retail businesses since it was founded. Appetize was acquired last year in an effort to extend its reach to the enterprise space.
SpotOn is a business model that serves businesses of all types and sizes, from local family restaurants to Major League Baseball stadiums. It's mainly focused on businesses in the retail, food and hospitality sectors.
SpotOn has bought another company, released a new product and hired new executives in the eight months since its last raise. In an effort to strengthen its flagship restaurant product, it acquired Dolce, a labor management startup which streamlines payroll, scheduling, tip-pooling and compliance.
SpotOn Retail is a platform that allows independent retailers to compete with big-box stores and e-commerce giants by selling in store, online or on the go through one seamless, intuitive dashboard.
Lisa Banks was named its chief financial officer. The hiring of a CFO indicates that the public markets are in a company's sights.
Today's tech-driven landscape is rapidly changing consumer expectations for mom-and-pop restaurants and retail businesses. The founder and managing partner of Dragoneer said that SpotOn has made it their mission to provide tailored solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow.
SpotOn is taking on payments giant Block. Block, which acquired Afterpay in a $29 billion deal, has a market cap of $48 billion. On the restaurant side, it is difficult to eat decacorn toast.
SpotOn's valuation increase was less dramatic than it has been in the past 18 months. It was a 14.3% increase compared to its last raise, and it was not a flat round. SpotOn's Series E raise at a $3.15 billion valuation was about 5x of its $625 million valuation at the time of its Series C round.
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