With the closing of its Series E funding round led by global technology and software venture capital firm Andreessen Horowitz, payment and solutions provider SpotOn reached a dramatically high valuation of $3.15 billion, jumping from $1.85 billion in just a few months.
Founded in 2017 the unicorn startup has now raised over $628 million to date according to Crunchbase, with revenue for 2020 reaching $118 million according to LATKA. The company joins an elite group of rapidly scaling and well-funded startup companies that achieve unicorn status, having a valuation of over $1 billion, in just a few years such as IRL and Katapult.
Needless to say SpotOn, part of an elite unicorn club, is one of the fastest-growing payment and software companies, reaching the elite unicorn status for a startup. Focusing on retail and restaurants, the additional $300 million in new funding will further fuel its rapid expansion—primarily through the acquisition of Appetize, a leading digital and mobile commerce platform for enterprise businesses.
Appetize’s customer base, comprised of sports and entertainment venues, theme parks, multi-unit restaurants, education campuses, and travel and leisure companies, broadens SpotOn’s market opportunities. Its clients include Live Nation, LSU, Dodger Stadium, and Urban Air.
SpotOn’s strategic acquisition of Appetize, enables it to bring enterprise-scale software capabilities to small business clients, and customer engagement technology such as loyalty and marketing products to enterprise customers. It enables SMB’s a full slate of products and services as they scale.
“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,” SpotOn’s Co-CEO Matt Hyman.
Going forward Appetize will be marketed under SpotOn’s name. The acquisition is expected to close some time during mid-September and the combined entity will have over 1600 employees.
SpotOn is part of Andreessen Horowitz’s portfolio of success that includes a number of unicorn startups and publicly well-known successful startups such as AirBnB, Facebook and Slack.
