A little over a year ago, SpotOn sent our employees home to work remotely as the COVID-19 pandemic swept across the country. We had just announced our $50 million Series B funding from former Twitter executives, but the uncertainty surrounding the pandemic quickly overshadowed our excitement. Local restaurants and small businesses were facing ongoing restrictions to on-premise dining and shopping, and no one knew what to expect or how long the pandemic would last. With the livelihoods of our clients in jeopardy, it was an inflection point that put SpotOn’s values to the test—as a company and as individuals.
We knew that doing right by our clients would serve us well and doubled-down on our commitment to them by waiving millions in software fees and asking our employees to do whatever it took to help local businesses adapt quickly with new innovations and the best personalized support in the industry.
Everyone stepped up to the challenge.
Over the course of the last year, we added hundreds of employees, deployed 400+ product innovations and upgrades, completed acquisitions like SpotOn Reserve, and expanded our in-person installation, service, and 24/7 support teams.
Our decision to invest in the success of small businesses proved to be the right move for our clients, our team, and our business. Today’s announcement of our $125 million Series D funding round, led by one of the world’s top technology and software investors, Andreessen Horowitz, stands testament to the unbelievable work SpotOn employees have done over the last year to help our restaurant and small business clients compete and win.
I couldn’t be prouder of our team, or more excited about the continued opportunity this new funding creates for both SpotOn and local businesses across the country—because we are far from done.
The new capital we have raised will be used to further our mission by investing in:
- New software and partnerships to expand SpotOn’s integrated restaurant management system to become the most comprehensive in the industry;
- Product innovation to expand capabilities and ease-of-use for retail and professional services business owners, both online and in person; and
- Continued growth of our team to be able to offer even more businesses our signature local, in-person installation and customer service, and 24/7 personalized support.
These investments will ensure that SpotOn clients have the technology they need to manage and grow their businesses, with a steady stream of upgrades and improvements so they always have access to the best technology in a rapidly changing marketplace.
To date, SpotOn has raised $300+ million in financial backing, marking a period of remarkable growth and success. We are thrilled to work with our newest investors Andreessen Horowitz and Mubadala Investment Company, as well as our current investors providing continued participation in this newest funding round, including DST Global, 01 Advisors, Dragoneer Investment Group, and Franklin Templeton.
We’ve built SpotOn by putting people first—both our employees and the local business owners who are the heart and soul of our communities. This past year has proven that it's a winning strategy every time.
-Zach Hyman
Co-Founder and Co-CEO of SpotOn
