Funding round
SpotOn Series E
SpotOn, which works in point-of-sale system deployment in San Francisco, raised $300M in a Series E round announced on 13 Sep 2021, led by Andreessen Horowitz, at a $3.15B post-money valuation. 8 firms took part, 6 of them already investors. It is SpotOn's fourth venture round on record; the one before was a Series D in May 2021.
$300M
Amount raised
$3.15B
Post-money valuation
$2.85B pre-money
8
Investors
1 lead
1.7x
Step-up from the Series D
$1.88B in May 2021
9.5%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced SpotOn at $3.15B after the new money, 1.7 times the $1.88B of its Series D (May 2021). The $300M bought investors about 9.5% of the company. It came 4 months after SpotOn's Series D. It is 36% of the $835M SpotOn has raised in the venture rounds on record. SpotOn raised again 8 months later: a Series F round of $300M in May 2022, at $3.60B 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 23 Sep 2020, led by DST Global $60M
- Series D 26 May 2021, led by Andreessen Horowitz $125M$1.88B post-money
- Series E this round 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
Andreessen Horowitz led the round with 7 other firms. Andreessen Horowitz, DST Global, 01A and Dragoneer Investment Group and 2 more had backed SpotOn before.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
Also in the round
- DST Global backs 179 venture-backed companies existing investor
- 01A backs 53 venture-backed companies existing investor
- Dragoneer Investment Group backs 82 venture-backed companies existing investor
- Franklin Templeton existing investor
- Mubadala backs 42 venture-backed companies existing investor
- Wellington Management new investor
- Coatue backs 229 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to acquisitions.
- Acquisitions
Comparable rounds
How it compares
7 Series E rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $251M, and this round was 1.2 times the median. The closest in time, other companies' Series E rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| BharatPe Payment Processing & Point of Sale | 4 Aug 2021 | $370M | $2.85B | Tiger Global |
| Rapyd Payment Processing & Point of Sale | 3 Aug 2021 | $300M | $8.75B | Target Global |
| CRED Payment Processing & Point of Sale | 18 Oct 2021 | $251M | $4.01B | Tiger Global and Alpha Wave Global |
| Payment Processing & Point of Sale | 21 Dec 2021 | $200M | $2.00B | Mizuho |
| Bolt Payment Processing & Point of Sale | 14 Jan 2022 | $355M | $11.00B | BlackRock |
| Razorpay Payment Processing & Point of Sale | 19 Apr 2021 | $160M | $3.00B | Sequoia Capital and GIC |
| Tipalti Payment Processing & Point of Sale | 6 Oct 2020 | $150M | $2.00B | Durable Capital Partners |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did SpotOn raise in its Series E round?
SpotOn raised $300M in its Series E round, announced in Sep 2021.
Who led SpotOn's Series E round?
Andreessen Horowitz led it, with DST Global, 01A, Dragoneer Investment Group, Franklin Templeton and Mubadala and 2 more.
What was SpotOn's valuation at the Series E round?
$3.15B post-money ($2.85B pre-money).
How does it compare with other Series E rounds in Payment Processing & Point of Sale?
7 Series E rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $251M, and this round was 1.2 times the median.
Did SpotOn raise again after this round?
Yes: a Series F round in May 2022 of $300M at $3.60B post-money.