SpotOn Raises US$300 Million in Series E Funding to Acquire Appetizeby Fintechnews Switzerland September 20, 2021
SpotOn, provider of mobile payment technology and management system for restaurants and small businesses, announced US$300 million in Series E funding, raising its valuation to US$3.15 billion.
The funding, which comes four months after SpotOn’s US$125 million Series D, will be used to acquire Appetize, a digital and mobile commerce platform for enterprise businesses, such as sports and entertainment venues, theme parks, zoos, college campuses, and more.
The round was led by Andreessen Horowitz (a16z), one of the world’s leading technology and software investors, with continued participation from current investors, including DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala Investment Company, as well as new investors Wellington Management and Coatue Management.
Advisors Douglas Merritt, CEO of Splunk, and Mike Scarpelli, CFO of Snowflake, also made individual investments.
Following the acquisition, SpotOn said that it is positioned to rapidly expand its reach to serve the middle market.
The firm has hundreds of account executives embedded in communities across the country who will bring Appetize’s technology to thousands of regional entertainment centers, stadiums, colleges, and universities in these communities.
“From our first meetings with Appetize, we knew they had great people and a great product, and the more we worked together it became clear that our two companies were stronger together.
We are combining our complementary technologies, extending our market coverage and retaining our shared passion for great service and support for our clients. SpotOn is quickly becoming a part of everyday life for consumers across the country whenever they shop, dine, or visit a stadium or a college campus.”
said Matt Hyman, Co-CEO of SpotOn.
“This acquisition enables our combined team to accelerate investments into our core product and client base, while expanding to fill a void in the mid-market space.
By bringing the two companies together, businesses from a major league ballpark to a local clothing boutique will have access to modern, intuitive, cloud-based technology that delivers exceptional customer experiences from one trusted provider.”
said Max Roper, CEO at Appetize, who will continue running the business as part of SpotOn.
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