Funding round
SpotOn Series B
SpotOn, which works in point-of-sale system deployment in San Francisco, raised $50M in a Series B round announced on 11 Mar 2020, led by 01A. 4 firms took part. It is SpotOn's first venture round on record.
$50M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
SpotOn did not disclose a valuation in this round. It is SpotOn's first venture round on record, 3 years after it was founded in 2017. It is 6.0% of the $835M SpotOn has raised in the venture rounds on record. SpotOn raised again 6 months later: a Series C round of $60M in Sep 2020. Its next priced round, a Series D in May 2021, valued it at $1.88B.
SpotOn's funding rounds
SpotOn has 5 venture rounds on record. This one is highlighted.
- Series B this round 11 Mar 2020, led by 01A $50M
- Series C 23 Sep 2020, led by DST Global $60M
- Series D 26 May 2021, led by Andreessen Horowitz $125M$1.88B post-money
- Series E 13 Sep 2021, led by Andreessen Horowitz $300M$3.15B post-money
- Series F 18 May 2022, led by Dragoneer Investment Group $300M$3.60B post-money
Investors
Who put money in
01A led the round with 3 other firms.
Lead investor
- 01A backs 53 venture-backed companies new investor
Also in the round
- Dragoneer Investment Group backs 82 venture-backed companies new investor
- Franklin Templeton new investor
- EPIQ Capital Group new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
42 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $35M, and this round was 1.4 times the median. The closest in time, other companies' Series B rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 31 Mar 2020 | $22M | not disclosed | VEF |
| Payment Processing & Point of Sale | 22 Apr 2020 | $150M | not disclosed | Union Square Ventures |
| Payment Processing & Point of Sale | 6 Feb 2020 | $20M | not disclosed | not named |
| Flutterwave Payment Processing & Point of Sale | 21 Jan 2020 | $35M | not disclosed | Greycroft and eVentures |
| Payment Processing & Point of Sale | 13 May 2020 | $35M | not disclosed | Vertex Ventures Israel |
| Checkout.com Payment Processing & Point of Sale | 22 Jun 2020 | $150M | $5.50B | Coatue |
| Payment Processing & Point of Sale | 23 Jun 2020 | $2.3M | not disclosed | Financial Services Capital |
| OPay Payment Processing & Point of Sale | 18 Nov 2019 | $120M | not disclosed | not named |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did SpotOn raise in its Series B round?
SpotOn raised $50M in its Series B round, announced in Mar 2020.
Who led SpotOn's Series B round?
01A led it, with Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
What was SpotOn's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Payment Processing & Point of Sale?
42 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $35M, and this round was 1.4 times the median.
Did SpotOn raise again after this round?
Yes: a Series C round in Sep 2020 of $60M.