SpotOn, a point-of-sale payment solution company for small and medium-sized businesses (SMBs), has raised $50 million in a Series B funding round, according to a report by TechCrunch.
The company also offers SMBs different tools to help them move forward, like appointment booking, loyalty services and marketing help. SpotOn had a strong 2019 and wants to capitalize on its momentum by expanding further.
The company said in a March 11 release that in the last year its revenues have grown 150 percent, and in 2020 it has added 5,000 customers. It wants to grow internationally as well as domestically.
The funding round was led by 01 Advisors, which is run by former Twitter executives Adam Bain, Dick Costolo and David Rivinus, as well as Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group. The company’s previous funding round was less than a year ago and it was led by Dragoneer and Franklin.
“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,” said Costolo, managing partner and co-founder of 01 Advisors. “SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”
SMBs are sometimes overlooked when it comes to funding, as they have particular needs and the returns aren’t as lucrative. They generally have smaller budgets as well, which make them unlikely to take on new products to upgrade services that work adequately.
However, there has been a movement from tech companies aimed at improving SMB services, with the idea that a firm that comes out with something efficient can attract customers and grow.
“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,” said Zach Hyman, Co-Founder of SpotOn. “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.”