SpotOn raises $50 million in Series B featuring former Twitter CEO
Payments company SpotOn has raised $50 million in a Series B funding round including the investment firm founded by Twitter’s former CEO, Dick Costolo.
The round includes 01 Advisors, founded by Costolo, as well as returning investors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
SpotOn has raised $130 million since its 2017 founding
SpotOn integrates payments with point of sale (POS) and software tools to create what it calls “a customised, end-to-end solutions to fit any type of business.”
The firm says that it is “focused on empowering small and medium-sized businesses (SMBs) by providing enterprise-level solutions at affordable prices.”
The $50 million in funding will be used to continue the firm’s investment into product development and building solutions for specific verticals it plans on targeting.
The San Francisco-based firm employs 850 people and operates teams in Chicago, Detroit and Denver, and its newly opened offices in Mexico City and Krakow.
It has now raised $130 million from four funding rounds, including a $40 million raise in June 2019.
