Technology

SpotOn Raises $125M

May 27, 2021

SpotOn, a software and payments company, has raised $125 million in Series D funding, increasing its valuation to $1.875 billion. Andreessen Horowitz, a technology and software investor known as a16z, led the round, which also had participation from current investors, including DST Global, 01 Advisors, Dragoneer Investment Group, and Franklin Templeton. First-time investor Mubadala Investment Company also contributed, according to a company press release.

"SpotOn offers a fully integrated product suite that has not only helped SMBs survive the pandemic but has been the critical infrastructure to keep many of them going," David George, general partner at Andreessen Horowitz, said in the release. "The company's mission is to help small businesses compete and win, and this has been validated time and time again by their strong customer feedback and accelerated product adoption. We are excited to partner with SpotOn as they continue to power SMBs nationwide."

Nearly 8,000 businesses are using SpotOn and the company expects that number to triple by the end of the year.

"Having a16z lead our Series D is an endorsement of our strong and unique position in the marketplace and recognizes our continued growth and momentum," Zach Hyman, SpotOn co-CEO and co-founder, said in the release. "This capital will be used to further accelerate product development and expand our market presence."