Retail Software SpotOn Nets $300M for Development

SpotOn, a software and payment company working with restaurants and retail businesses, announced Wednesday (May 18) that it has raised $300 million in a Series F round led by Dragoneer Investment Group.

In its press release, the company, which services businesses of various types and sizes, said it plans to use the funding to work on more tech products to help businesses meet the “evolving needs” of the time. This comes eight months after SpotOn’s Series E round, with the company’s value now sitting at $3.6 billion.

Since then, the company has been working on new things, including strengthening its SpotOn Restaurant product with the addition of new payroll, tip pooling, scheduling and compliance features. Additionally, it launched the SpotOn Retail omnichannel platform, letting independent retailers compete with big box stores and eCommerce businesses with transaction options.

“This investment allows us to continue aggressively investing in tech, service and distribution to help our clients thrive, because their success is our mission,” Zach Hyman, co-CEO of SpotOn, said in the release. “Dragoneer believed in our vision from the very beginning, and we are grateful for the ongoing confidence and support of such a respected firm.”

Last month, restaurant management platform MarginEdge was selected by SpotOn as an inventory management partner, with an eye toward furthering SpotOn’s goal of adding more restaurant tech and becoming a “one stop shop.”

Read more: Restaurant Tech Provider SpotOn Partners With MarginEdge to Offer Inventory Management

SpotOn has been working with software and payments tech for smaller companies, especially restaurants. The goal is to let those companies take payments, optimize schedules and other things.

It will also be using its “Points of Profits” to demonstrate the ways integrated tech can help restaurants get their profit margins from inflation, helping them break out of lagging profit margins.

“Our restaurant clients continue to face pandemic effects on their business including staffing shortages, supply chain issues and rising costs of operations,” Ben Pryor, director of innovation at SpotOn, said at the time. He added that the company wanted to provide a full suite of tools to help restaurants with back of house operations and the current perils of inflation.