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SpotOn, a provider of integrated software and payment solutions, has raised $300 million in Series E fundraising, valuing the firm at $3.15 billion. SpotOn will be able to quickly expand its presence in the middle market due to the acquisition.
SpotOn, integrated software and payment solutions for restaurants and small businesses, has announced $300M in Series E funding, raising its valuation to $3.15B. The funds will be used to acquire Appetize, a premier digital and mobile commerce platform for enterprise enterprises such as sports and entertainment venues, theme parks, zoos, college campuses, and more.
Andreessen Horowitz (a16z), one of the world’s leading technology and software investors, led the round with existing investors DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala Investment Company, and new investors Wellington Management and Coatue Management, continuing to participate. Financial advisors Douglas Merritt, CEO of Splunk, and Mike Scarpelli, CFO of Snowflake, were also made individual investments.
David George, a general partner at Andreessen Horowitz, said, “This investment enables SpotOn to significantly increase its total addressable market, with an end-to-end platform for restaurants and retail business of all types and sizes. The acquisition is a natural fit given the companies’ complementary technology and shared focus on market-leading customer support.”
SpotOn will be able to quickly expand its presence into the middle market due to the acquisition. Hundreds of SpotOn account executives are immersed in communities around the country, bringing Appetize’s world-class technology to tens of thousands of regional entertainment centers, stadiums, colleges, and universities.
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.Matt Hyman, co-CEO of SpotOn
Max Roper, CEO at Appetize, who will continue running the business as part of SpotOn, said, “Appetize has built a truly special team and product that is trusted by some of the most iconic brands in hospitality, from Yankee Stadium to LSU to the San Diego Zoo. Likewise, SpotOn has earned the trust of tens of thousands of small businesses and independent restaurants with their technology and team.”
He added, “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.”
SpotOn’s SMB knowledge and Appetize’s enterprise acumen will be combined to focus on a broader market that will benefit all clients. Enterprise clients can use complementing solutions, such as sophisticated loyalty programs and increased marketing capabilities to increase engagement with their most valued consumers. SMBs will benefit from powerful, scalable technology that can grow with them. SpotOn is well positioned to help clients of all sorts and sizes manage their businesses now and in the future by combining two complementary technologies. By mid-September, the deal should be completed.