SpotOn
| SpotOn's logo | |
| SpotOn | |
| Private | |
| ISIN | 🆔 |
| Industry | |
| Founded 📆 | 2017 in San Francisco, California |
| Founder 👔 |
|
| Headquarters 🏙️ | San Francisco, California |
Area served 🗺️ | |
Key people | |
| Products 📟 |
|
| Services |
|
| Revenue🤑 | US$252.1 million (2021) |
| Members | |
Number of employees | 1,200 (2021) |
| 🌐 Website | spoton |
| 📇 Address | |
| 📞 telephone | |
SpotOn Transact LLC (SpotOn) is an American digital solutions and payment processing company based in San Francisco, California that provides end-to-end merchant solutions for small and mid-sized businesses by integrating customer engagement with payment processing.
SpotOn reached the status of unicorn when its valuation increased to US$1.875 billion after raising US$125 million during its Series D funding round in May 25, 2021.[1]
On June 17, 2021 it was announced the company was partnering up with Google by integrating with Order with Google, allowing customers to place food orders directly from Google Maps and Google Search using SpotOn Order.[2]
History[edit]
SpotOn was founded in 2017 by Matthew and Zachary Hyman, founders of Central Payment, and Doron Friedman, founder of Arroweye Solutions.
In 2018, the company received US$20 million in its pre seed stage[3] led by Matthew and Zachary Hyman and announced an agreement with Verifone to deploy its integrated point of sale (iPOS), Carbon, with Verifone Connect.
On October 2018, SpotOn announced the acquisition of EmaginePOS,[4] a comprehensive software and payments solution made specially for bars and restaurants. The company then acquired Lifeyo,[5] a website building solution that would allow their customers to build custom websites that do not require any coding.
Almost six months later, SpotOn raised US$40 million on its Series A funding round and added 3,500 more clients.[6]
The company announced in July 2019 a new extended agreement with TSYS.[7] This agreement would allow for the company to further expand its POS services.
The company held its Series B funding round on March 2020, less that a year after Series A, and raised a total of US$50 million.[8] Less that 6 months after, the acquisition of SeatNinja was made public. This new addition would add reservations, wait lists, server rotation, and guest experience to the list of services already provided.
In September 2020, six months after Series B, SpotOn held its Series C funding round, adding US$60 million to their valuation.[9] In May 2021, Series D was held. This round doubled the previous amount, reaching US$125 million in funding. This added amount increased the company's valuation to US$1.875 billion, granting SpotOn the financial status of unicorn.[10]
In June 2021, the partnership with Google for online food delivery was announced.[11]
Funding[edit]
SpotOn has raised a total of US$328 million from 9 investors over the course of 6 funding rounds.
| Round | Date | Investors | Lead Investors | Raised Amount |
|---|---|---|---|---|
| Pre-seed | April 1, 2017 | n/a | n/a | US$20 million |
| Seed | April 24, 2018 | 2 | n/a | US$23 million |
| Series A | June 11, 2019 | 2 | Franklin Templeton Investments | US$40 million |
| Series B | March 11, 2020 | 4 | 01A | US$60 million |
| Series C | September 23, 2020 | 3 | DST Global | US$60 million |
| Series D | May 25, 2021 | 6 | Andreessen Horowitz | US$125 million |
References[edit]
- ↑ "SpotOn raises $125M in a16z-led Series D, triples valuation to $1.875B". finance.yahoo.com. Retrieved 2021-07-11.
- ↑ "SpotOn Teams Up with Order with Google for Easy Food Ordering Experience". www.businesswire.com. 2021-06-17. Retrieved 2021-07-11.
- ↑ FinSMEs (2018-04-24). "SpotOn Transact Receives $20M Initial Investment". FinSMEs. Retrieved 2021-07-11.
- ↑ LLC, SpotOn Transact. "SpotOn Acquires EmaginePOS to Bring Best-in-Class Software and Payment Solutions to Restaurants and Bars Nationwide". www.prnewswire.com. Retrieved 2021-07-11.
- ↑ LLC, SpotOn Transact. "SpotOn Acquires Lifeyo to Provide Effortless Website Building Solutions to Small and Medium Businesses Nationwide". www.prnewswire.com. Retrieved 2021-07-11.
- ↑ "Venture Capital Access Online | Venture Capital News". www.vcaonline.com. Retrieved 2021-07-11.
- ↑ "SpotOn extends payments agreement with TSYS". thepaypers.com. Retrieved 2021-07-11.
- ↑ "SpotOn taps $50M to take on Square and more in payments and financial services for SMBs". TechCrunch. Retrieved 2021-07-11.
- ↑ "Payments Company SpotOn raises $60 mn in Series C funding". IBS Intelligence. 2020-09-23. Retrieved 2021-07-12.
- ↑ PYMNTS (2021-05-26). "SpotOn Raises $125M For SMB, Restaurant Platform". www.pymnts.com. Retrieved 2021-07-11.
- ↑ "SpotOn teams with Google for easier online order option". www.fastcasual.com. 2021-06-18. Retrieved 2021-07-11.
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