Funding round
SpotOn Series C
SpotOn, which works in point-of-sale system deployment in San Francisco, raised $60M in a Series C round announced on 23 Sep 2020, led by DST Global. 3 firms took part. It is SpotOn's second venture round on record; the one before was a Series B in Mar 2020.
$60M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
SpotOn did not disclose a valuation in this round. It came 6 months after SpotOn's Series B. It is 7.2% of the $835M SpotOn has raised in the venture rounds on record. SpotOn raised again 8 months later: a Series D round of $125M in May 2021, at $1.88B post-money.
SpotOn's funding rounds
SpotOn has 5 venture rounds on record. This one is highlighted.
- Series B 11 Mar 2020, led by 01A $50M
- Series C this round 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
DST Global led the round with 2 other firms.
Lead investor
- DST Global backs 179 venture-backed companies new investor
Also in the round
- Dragoneer Investment Group backs 82 venture-backed companies new investor
- Franklin Templeton new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, sales and marketing, scaling operations and working capital.
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
27 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $81M, and this round was 74% of the median. The closest in time, other companies' Series C rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Neon Payment Processing & Point of Sale | 2 Sep 2020 | $300M | not disclosed | General Atlantic |
| Greenlight Payment Processing & Point of Sale | 1 Sep 2020 | $215M | $1.20B | Canapi Ventures and TTV Capital |
| Payment Processing & Point of Sale | 16 Sep 2020 | $31M | not disclosed | Truist Ventures |
| Payment Processing & Point of Sale | 21 Sep 2020 | $25M | not disclosed | not named |
| Payment Processing & Point of Sale | 13 Aug 2020 | $100M | $500M | Eldridge Industries and Eldridge |
| Satispay Payment Processing & Point of Sale | 20 Nov 2020 | $110M | not disclosed | Square and Tencent |
| Payment Processing & Point of Sale | 17 Nov 2020 | $68M | not disclosed | FTV Management Company |
| Bolt Payment Processing & Point of Sale | 16 Jul 2020 | $50M | not disclosed | WestCap |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did SpotOn raise in its Series C round?
SpotOn raised $60M in its Series C round, announced in Sep 2020.
Who led SpotOn's Series C round?
DST Global led it, with Dragoneer Investment Group and Franklin Templeton.
What was SpotOn's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Payment Processing & Point of Sale?
27 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $81M, and this round was 74% of the median.
Did SpotOn raise again after this round?
Yes: a Series D round in May 2021 of $125M at $1.88B post-money.