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- SpotOn
SpotOn Valuation, Funding & Investors
SpotOn is valued at $3.6B as of May 2022.
Last SpotOn valuation
$3.6B
Series F · May 2022
Last SpotOn funding round
$300M
Series F · May 2022
Cumulative funding SpotOn raised
$918M
across 8 funding rounds
Key investors in SpotOn
Dragoneer
Putnam Premier IT
DST Global
Andreessen Horowitz
Mubadala
01 Advisors
About SpotOn
SpotOn is a San Francisco-headquartered provider of payment processing and restaurant management software tailored for small and midsize businesses. Founded in 2017, the company integrates point-of-sale terminals with online ordering, reservation systems, marketing tools, website builders, and loyalty programs. Its retail solutions handle inventory tracking and e-commerce alongside payment acceptance via partnerships with Visa and Mastercard. SpotOn operates nationwide across the United States, serving sectors like quick-service restaurants and boutique stores through dedicated local support teams.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$3.6B (May 2022)
SpotOn Valuation
SpotOn is currently valued at $3.6B, based on its Series F in May 2022.
The $300M round was led by Dragoneer, with participation from Putnam Premier IT, G Squared, Andreessen Horowitz, Mubadala and DST Global.
SpotOn's valuation has grown 5.8x from $625M at its Series C in September 2020 to $3.6B in May 2022, across 4 priced rounds.
SpotOn valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2022 | Series F | $3.6B |
| Sep 2021 | Series E | $3.1B |
| May 2021 | Series D | $1.9B |
| Sep 2020 | Series C | $625M |
SpotOn Funding History
SpotOn has raised a total of $918M across 8 funding rounds.
SpotOn's first fundraising round was a $20M pre-seed round in April 2017. The most recent completed round was a $300M Series F in May 2022.
SpotOn funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series F | Dragoneer (lead); Putnam Premier IT; G Squared; Andreessen Horowitz; Mubadala; DST Global | $300M | $3.6B | SpotOn is a San Francisco-based software and payments company providing comprehensive point-of-sale (POS), online ordering, reservations, loyalty, and back-office solutions tailored for restaurants, retail businesses, and enterprise venues like sports stadiums and theme parks. The company positions itself as an all-in-one tech provider for small and medium-sized businesses facing evolving consumer demands in a tech-driven landscape, competing with players like Block (Square) and Toast. On May 18, 2022, SpotOn raised $300 million in a Series F funding round led by Dragoneer Investment Group, with participation from existing investors Andreessen Horowitz (a16z), DST Global, Franklin Templeton (noted as Putnam Premier IT in some contexts), and Mubadala Investment Company, plus new investor G Squared. The transaction valued the company at $3.6 billion post-money, up from $3.15 billion after its prior Series E in September 2021 and $1.88 billion from Series D in 2021. This marked Dragoneer's sixth investment in SpotOn over three years and its first as lead. The funding aims to fuel aggressive investments in technology, service, distribution, and product development to support client growth amid rapid market share gains. The company had grown to about 2,000 employees, including a strong product and technology team. SpotOn's rapid expansion included executive hires like CFO Lisa Banks, Chief People Officer JiNa Han, and Chief Revenue Officer Mark Brodahl. Dragoneer highlighted SpotOn's sustainable differentiation in software and payments, aligning with its portfolio of tech-enabled firms like Airbnb, DoorDash, and Snowflake. This Series F was the company's third raise in 12 months, bringing cumulative funding to around $900 million. |
| Sep 2021 | Series E | Andreessen Horowitz (lead); Dragoneer; Putnam Premier IT; Wellington Management; Douglas Merritt; 01 Advisors; Mike Scarpelli; Mubadala; Coatue; DST Global | $300M | $3.1B | SpotOn is a payments and software startup focused on providing technology to small and medium-sized businesses (SMBs), particularly in restaurants and retail, competing with companies like Block (Square) and Toast. In September 2021, it closed a $300 million Series E funding round led by Andreessen Horowitz at a $3.15 billion valuation, following a $125 million Series D in May 2021 at $1.875 billion, both led by a16z. Existing investors including DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala participated, alongside new backers Wellington Management and Coatue Management; individual investments came from Douglas Merritt (Splunk CEO) and Mike Scarpelli (Snowflake CFO). The round financed the $415 million cash-and-stock acquisition of Appetize, a digital and mobile commerce payments platform for enterprises like sports venues, theme parks, and zoos, expanding SpotOn's reach beyond SMBs. Since inception in 2017, the company had raised $628 million total by this point. This Series E marked over 5x growth from its $625 million Series C valuation a year earlier. SpotOn had launched features like vaccination alert systems in its reservation software to adapt to market needs. A subsequent Series F in May 2022 raised another $300 million at $3.6 billion led by Dragoneer, with participation from a16z, DST Global, Franklin Templeton, and Mubadala. |
| May 2021 | Series D | Andreessen Horowitz (lead); Dragoneer; Putnam Premier IT; 01 Advisors; Mubadala; DST Global | $125M | $1.9B | SpotOn is a software and payments platform providing point-of-sale, reservations, online ordering, delivery, loyalty, and integrated business management solutions for restaurants, retail, and service businesses. Founded in 2017, the company operates a SaaS business model and had expanded its customer base to over 30,000 businesses by mid-2021, with approximately 8,000 new customers added in the first five months of that year. The company's customers were split approximately 60% retail and 40% restaurants, though the restaurant segment was growing rapidly. In May 2021, SpotOn closed its Series D funding round of $125 million led by Andreessen Horowitz, with continued participation from existing investors DST Global, 01 Advisors, Dragoneer Investment Group, and Franklin Templeton, as well as new investor Mubadala Investment Company. This round valued the company at $1.875 billion post-money, tripling its valuation from the $625 million Series C valuation achieved nine months earlier in September 2020, and bringing total funding since inception to $328 million. The rapid valuation growth reflected the company's strong business momentum, with revenue having tripled since February 2020 according to co-founder statements. SpotOn's growth was driven by its integrated platform approach that allowed businesses to consolidate multiple vendors and reduce software and payment processing costs, coupled with transparent pricing models and no-contract terms that differentiated it from competitors like Square and Toast. |
| Sep 2020 | Series C | DST Global (lead); Dragoneer; Putnam Premier IT; Scale-Up | $60M | $625M | SpotOn is a San Francisco-based software and payments company providing comprehensive solutions for merchants, small and medium-sized enterprises, restaurants, and retail businesses, including payments tools, marketing, review systems, analytics, and custom loyalty schemes. The company was founded in 2017 and has offices in San Francisco, Chicago, Detroit, Mexico City, and Krakow, employing over 1,000 people at the time of its Series C. Its technology is powered by the TSYS payment platform following a multi-year exclusive deal signed in July 2019. In September 2020, SpotOn raised $60 million in a Series C funding round led by DST Global, with the valuation at this round listed as $625 million. This brought the company's total funding to $190 million since inception, including $110 million raised in 2020 alone across multiple rounds. Other investors in prior rounds included Franklin Templeton (Series A, June 2019, $40M) and 01 Advisors (Series B, March 2020, $50M). The Series C funding aimed to enhance product offerings and enter new markets, amid accelerated demand from the COVID-19 pandemic for business tools. Following the Series C, SpotOn continued rapid growth, raising a Series D in May 2021 for $125 million led by Andreessen Horowitz at a $1.875 billion valuation, tripling the prior valuation and bringing total funding to $328 million. Existing investors DST Global, 01 Advisors, Dragoneer Investment Group, and Franklin Templeton participated, joined by new investor Mubadala. The company reported revenue tripling since February 2020, with over 30,000 businesses using its platform, nearly 8,000 added that year, and a customer split of 60% retail and 40% restaurants, the latter growing rapidly. Funds supported product development and market expansion. SpotOn's growth trajectory continued with later rounds, including Series F in May 2022 for $300 million led by Dragoneer Investment Group at $3.6 billion valuation, with participation from Andreessen Horowitz, DST Global, Franklin Templeton, Mubadala, and new investor G Squared. This increased total funding over $900 million. Acquisitions like Seatninja in 2020 for reservations and Dolce for labor management bolstered its restaurant offerings, which tripled in the prior year. |
| Mar 2020 | Series B | 01 Advisors (lead); Dragoneer; Putnam Premier IT; EPIQ Capital Group | $50M | - | SpotOn is a financial technology company providing payment processing, point-of-sale systems, and business management software tailored for small and medium-sized businesses, particularly in restaurants and retail. The company raised $50 million in its Series B funding round in March 2020, led by 01 Advisors, with participation from investors including Dragoneer Investment Group, EPIQ Capital Group, and others, aimed at accelerating growth and expanding market presence. This followed a $40 million Series A in June 2019 led by Franklin Templeton. SpotOn continued raising capital, reaching a total of $918 million across multiple rounds, with a Series F in May 2022 and a reported valuation of $3.15 billion by September 2021. SpotOn operates in the competitive fintech space for merchant services, competing with players like Square and Toast, and has focused on product enhancements and market expansion post-funding. Investors included prominent firms like DST Global and Andreessen Horowitz in subsequent rounds. |
| Jun 2019 | Series A | Putnam Premier IT (lead); Dragoneer | $40M | - | SpotOn is a San Francisco-based software and payments company founded in 2017 by twin brothers Matt and Zach Hyman, offering cloud-based point-of-sale (POS) systems and business management solutions for restaurants, retail, and other small to medium-sized businesses (SMBs), including enterprise venues like stadiums. The company emphasizes rapid innovation, 24/7 customer service, and integrated tools to streamline operations, enhance customer experience, and boost profitability. In June 2019, SpotOn raised $40 million in its Series A funding round led by Franklin Templeton (noted in some sources as Putnam-related, but explicitly Franklin Templeton), with participation from investors including Dragoneer Investment Group, to scale operations and enhance technology infrastructure. Post-2019, SpotOn experienced rapid growth, raising subsequent rounds including a Series C in September 2020 at $625 million valuation, Series D in May 2021 led by Andreessen Horowitz raising $125 million at $1.875 billion valuation (tripling from Series C), Series E in late 2021 raising $300 million to reach $3.15 billion valuation, and Series F in May 2022 led by Dragoneer raising $300 million at $3.6 billion valuation. Total funding exceeded $900 million by 2022 from investors like DST Global, Wellington, G Squared, and Mubadala. The company tripled its restaurant segment revenue in the year prior to Series F and acquired Appetize to expand enterprise capabilities. SpotOn navigated COVID-19 challenges by supporting clients without layoffs, pivoting to aid SMBs, and achieving unicorn status in 2021. It focuses on sectors like food, hospitality, and retail, competing in the fintech and POS market with comprehensive, flexible technology backed by expert support. |
| Apr 2018 | Seed | Zach Hyman; Matt Hyman | $23M | - | SpotOn Transact, a San Francisco-based payments and software company founded in 2017 by twin brothers Matt and Zach Hyman with over 20 years of payment processing experience, raised an initial $20 million investment led by the founders themselves in April 2018. The Hymans had previously sold Central Payment to Total System Services at an $840 million valuation. This seed funding positioned SpotOn to target small- and medium-sized businesses (SMBs) underserved by FinTech, offering integrated payments and software solutions beyond traditional processing. SpotOn later achieved significant growth, raising a $40 million round with an $840 million valuation (undated but referencing founders' prior exit), followed by multiple later rounds including $125 million Series D at $1.875 billion in 2021, $300 million Series E at $3.15 billion, and $300 million Series F at $3.6 billion in 2022. The company expanded into restaurant POS, retail, and enterprise solutions, adding thousands of clients and innovating during the COVID-19 pandemic to support SMBs. |
| Apr 2017 | Pre-seed | - | $20M | - | SpotOn is a San Francisco-based software and payments company founded in 2017 by Doron Friedman, Matt Hyman, and Zach Hyman, offering comprehensive solutions for restaurants, retail businesses, and enterprise venues, including payments, POS systems, and omnichannel retail platforms to help SMBs compete with larger players. The company focuses on sectors like food, hospitality, and retail, serving clients from local restaurants to Major League Baseball stadiums, with features like no-contract policies, fair pricing, and integrated cloud-based platforms. SpotOn has grown rapidly through product innovation and acquisitions such as Appetize for enterprise reach and Dolce for labor management. The earliest mentioned prior valuation is $625 million at the Series C in September 2020, followed by a $125 million Series D in May 2021 led by Andreessen Horowitz, valuing the company at $1.875 billion post-money and bringing total funding to $328 million. Subsequent rounds include a $300 million Series E in September 2021 at $3.15 billion valuation led by a16z, and a $300 million Series F in May 2022 at $3.6 billion led by Dragoneer Investment Group, with participation from investors like DST Global, Franklin Templeton, and Mubadala. Funds from later rounds supported product development, market expansion, and technology innovations for evolving consumer needs. |
Who has invested in SpotOn?
15 investors have backed SpotOn across its funding rounds, including Dragoneer, Putnam Premier IT, DST Global, Andreessen Horowitz, Mubadala and 01 Advisors.
Lead investors include Dragoneer, Andreessen Horowitz, DST Global, 01 Advisors and Putnam Premier IT.
SpotOn Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Jun 2019 | ||
| 6 | Lead | Jun 2019 | ||
| 4 | Lead | Sep 2020 | ||
| 3 | Lead | May 2021 | ||
| 3 | Lead | Mar 2020 | ||
| 3 | Participant | May 2021 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Mar 2020 | ||
| 1 | Participant | May 2022 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | Apr 2018 | ||
| 1 | Participant | Sep 2021 | ||
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Start Free TrialAcquisitions by SpotOn
SpotOn has acquired 5 companies to date.
Last acquisition by SpotOn was on November 15th 2021. SpotOn acquired Dolce Software for undisclosed valuation.
Latest Acquisitions by SpotOn
| Description | Dolce Software is a restaurant labor-management platform tracking schedules, time clocks, payroll, and compliance. Headquartered in the US, it integrates with POS systems like Toast and Square, helping chains optimize staffing, reduce overtime, and analyze labor costs through mobile apps for managers and employees. | Appetize is a Los Angeles-based point-of-sale platform for live events and sports venues. Deployed in over 700 locations worldwide, including Madison Square Garden and Lincoln Financial Field, the system powers mobile ordering at festivals like Bonnaroo. Appetize provides contactless payments and self-service kiosks for stadiums and arenas. | SeatNinja is a restaurant discovery platform that aggregates real-time wait times, reservations, and social media feeds into a unified mobile experience. Acquired by SpotOn in 2021, the San Francisco-headquartered service now powers operations for thousands of US restaurants including chains like Sweetgreen. It integrates with POS systems for accurate availability data and promotes venues through user-generated content, operating nationwide with expansions into Canada. | Lifeyo is a drag-and-drop website builder emphasizing WYSIWYG editing for photos, text, videos, blogs, and galleries. Users position elements freely on pages without coding. Hosted at lifeyo.com, the tool targets small businesses and individuals seeking intuitive site creation with built-in multimedia features. | |
| HQ Country | |||||
| HQ City | Missoula, MT | Los Angeles, CA | Sacramento, CA | Los Angeles, CA | |
| Deal Date | 15 Nov 2021 | 13 Sep 2021 | 11 Aug 2020 | 22 Jan 2019 | |
| Valuation | undisclosed | $415M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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SpotOn Competitors
SpotOn competitors include listed companies like Shiji Group and Newland Digital Tech, and private ones like Chowbus, Restaurant365, Meiwei Buyongdeng and Owner.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $120M | - | $4.2B | 35.0x | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $628M | - | ||
| Private | $100M | - | $2.3B | 23.0x | ||
| Publicly listed | $416M | $21M | $3.1B | 6.2x | ||
| Publicly listed | $1.3B | $189M | $3B | 1.5x |
SpotOn Public Comps
SpotOn is still privately-owned, but its public comps include Endeavour Group, Jubilant Foodworks, Shiji Group, Newland Digital Tech, Agilysys, Wingstop, Jollibee, Jersey Mike’s Subs, Toridoll Holdings and The Cheesecake Factory.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $8.7B | $793M | 0.9x | 0.9x | 9.8x | 7.4x | |||
| $930M | $196M | 4.1x | 3.6x | 19.3x | 18.2x | |||
| $416M | $21M | 6.4x | 6.2x | 128.0x | 97.1x | |||
| $1.3B | $189M | 1.8x | 1.5x | 12.2x | 10.6x | |||
| $319M | $57M | 8.7x | 8.1x | 48.7x | 35.8x | |||
| $697M | $298M | 5.7x | 5.3x | 13.3x | 15.3x | |||
| $4.9B | $667M | 0.9x | 0.9x | 6.8x | 6.9x | |||
| $724M | $170M | 9.0x | - | 38.5x | - | |||
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Common questions about SpotOn
| When was SpotOn founded? | SpotOn was founded in 2017. |
| Where is SpotOn headquartered? | SpotOn is headquartered in San Francisco, CA, United States. |
| Is SpotOn publicly listed? | No, SpotOn is a private, VC-backed company. |
| What is SpotOn's valuation? | SpotOn was last valued at $3.6B in its Series F in May 2022. |
| How much funding has SpotOn raised? | SpotOn has raised $918M across 8 funding rounds. |
| What was SpotOn's last funding round? | SpotOn's last funding round was a $300M Series F in May 2022, led by Dragoneer. |
| Who are SpotOn's investors? | SpotOn's investors include Dragoneer, Putnam Premier IT, DST Global, Andreessen Horowitz, 01 Advisors, Mubadala, Wellington Management, Scale-Up, EPIQ Capital Group, G Squared and 5 others. |
| Which companies are comparable to SpotOn? | Companies comparable to SpotOn include Chowbus, Restaurant365, Meiwei Buyongdeng, Owner, Shiji Group and Newland Digital Tech. |
| How many companies has SpotOn acquired? | SpotOn has acquired 5 companies, including Dolce Software, Appetize, SeatNinja, Lifeyo and EmaginePOS. |
| What was the largest acquisition by SpotOn? | The $415M acquisition of Appetize in September 2021 is the largest acquisition SpotOn has made to date. |
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