Technology

SpotOn Transact secures $60M in funding

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September 23, 2020

SpotOn Transact, Inc. a software and payments company, has secured $60 million in Series C funding. The round was led by DST Gobal, an investment firm, with participation from existing investors including Dragoneer Investment Group and Franklin Templeton, according to a press release.

The funding comes on the heels of SpotOn's Series B funding announcement in March.

Focused on the retail, services and restaurant industries, the SpotOn ecosystem offers technology to small- and medium-sized businesses. While the company has products specifically designed for each vertical, such as appointments, e-commerce, online ordering and reservation management, its uniqueness lies in offering capabilities that every business needs. These include marketing, website development, omnichannel payments and point-of-sale solutions.

"We're excited to partner with the SpotOn founders and management team in their vision of empowering small businesses by offering a suite of integrated payments and software products at low transparent prices," Rahul Mehta, managing partner at DST Global, said in the release.

While the shift to leveraging technology has been a long time coming for SMBs, the COVID-19 pandemic has accelerated business owners' need to adopt digital solutions, according to the release.

"We were on a path to integrate more technology into our operations before COVID-19 and found ourselves fast-tracking during the pandemic so that we could get back to business as fast as possible, serve our customers and keep our people employed," said Kevin Youkilis, owner of Loma Brewing Co., in the release. "In less than a week we were able to get SpotOn Restaurant and Online Ordering in place, a seamless integration that improved our efficiency, expanded our business and helped increase sales from early COVID shutdown levels."

For an update on how the coronavirus pandemic has affected convenience services, click here.