Tech supplier SpotOn has raised $300 million in a Series F funding round as it continues to see rapid adoption by restaurants.
The round led by Dragoneer Investment Group is SpotOn's second $300 million fundraise in less than a year and brings its valuation to $3.6 billion. The company, which offers a cloud-based POS system and other tools, said it would use the funding to continue developing its technology for businesses, including small and medium-sized restaurant operators.
“This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive because their success is our mission,” said Zach Hyman, co-CEO of SpotOn.
Restaurant tech companies have enjoyed a wave of private-equity funding in recent years, but SpotOn stands out: It raised $425 million across two funding rounds last year, the most of any privately held restaurant tech firm.
Those capital infusions have allowed it to grow quickly. Tens of thousands of businesses started using SpotOn over the past year, and its restaurant customer base has tripled in size during that time frame, the company said. It has also expanded its offering to include sports stadiums and independent retailers.
"Mom-and-pop restaurants and retail businesses are facing rapidly changing consumer expectations within today’s tech-driven landscape," said Marc Stad, founder and managing partner at Dragoneer, in a statement. "SpotOn has made it their mission to provide customized solutions to drive the growth and adaptation needed as businesses of all sizes evolve and grow."
SpotOn refers to itself as an "all-in-one" tech provider, which means it offers a variety of tools for small operators, including online ordering, reservations, loyalty and back-office software.
The round was Dragoneer's sixth investment in SpotOn in three years and its first as the lead investor. Contributions also came from existing investors Andreessen Horowitz, DST Global, Franklin Templeton and Mubadala Investment Company, as well as a new investor, G Squared.
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