Small business software and payments provider SpotOn recently announced a $50 million series B funding round.
SpotOn provides end-to-end business tools that include payments, marketing, website development, appointment scheduling, loyalty, and review management. Its primary focus over the past year has been on the food and beverage industry, it said in a press release.
The company will use the funds for product development within specific verticals, it said.
“Businesses need help navigating the digital shift in commerce, whether that’s utilizing new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers,” Zach Hyman, co-founder of SpotOn, said in the release.
“Business owners are rapidly selecting SpotOn as their go-to technology partner, and we’re excited to continue building SpotOn into a household name within the business community and beyond.”
In an interview with PaymentFacilitator last year, SpotOn President R.J. Horsley said that the company is providing vertical-specific solutions while also offering tools that apply across industries.
“We can pick off certain verticals and have the end-to-end solution, but that doesn’t preclude us from being horizontal as well and providing value to a whole bunch of types of businesses,” he said.
Investors in the series B round included 01 Advisors, which was founded by former Twitter executives; Dragoneer Investment Group; Franklin Templeton; and EPIQ Capital Group.
“There are companies that build great products, and there are companies that build great sales teams, but it’s rare to find an organization that can do both,” Dick Costolo, managing partner and co-founder of 01 Advisors, said.
“SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”