Andreessen Horowitz led the round, according to the release, and there was participation from current investors DST Global, 01 Advisors, Dragoneer Investment Group and Franklin Templeton. New investor Mubadala Investment Company also participated.
SpotOn’s technology works with small- to medium-sized businesses (SMBs) to integrate their needs into a seamless operation, the release stated. For a restaurant, for example, that might entail removing the need for multiple platforms by combining reservations, online ordering, delivery, loyalty, website development and enterprise reporting into one platform.
For service and retail clients, SpotOn could boost competition by providing point of sale (POS), eCommerce, integrated delivery solutions, inventory management, loyalty, appointment software, website development and more, according to the release.
All clients have access to the shared SpotOn platform, which features “business tools like digital marketing, review management and data analytics, as well as a complete payment acceptance ecosystem, including invoicing, virtual terminal and the ability to accept payments in-store, online or on-the-go,” the release stated.
SpotOn CEO and Co-Founder Zach Hyman said in the release that the new investment will be used to develop products and expand the company’s market placement.
According to Friedman, SMBs would benefit from taking a two-pronged approached to financial analysis, with a combination of B2C payment solutions and a more robust reporting strategy. He said that could allow SMB owners get a better picture of their operations and let them see how they’re doing overall.