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US-based software company SpotOn raises $300M to acquire Appetize; valuation reaches $3.15B

Image credits: SpotOn

SpotOn which claims to be one of the fastest-growing software and payments companies in the US offers comprehensive solutions for restaurants and retail businesses. Recently, the fintech announced that it had closed $300M in Series E funding at a valuation of $3.15 billion.

Investors galore

Andreessen Horowitz, one of the world’s leading technology and software investors led the funding round alongside continued participation from existing investors, including DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala Investment Company, and new investors Wellington Management and Coatue Management. Also, Advisors Douglas Merritt, CEO of Splunk, and Mike Scarpelli, CFO of Snowflake made individual investments.

This Series E round comes after SpotOn raised its Series D. Also, SpotOn announced that the funds will be used to acquire Appetize, which is a preeminent digital and mobile commerce stage for enterprise businesses such as sports and entertainment venues, theme parks, zoos, college campuses, and more.

To acquire Appetize

With the acquisition of Appetize, SpotOn founded by Doron Friedman, Matt Hyman, and Zach Hyman is positioned to expand its reach to serve the middle market rapidly. Already, it has hundreds of account executives embedded in communities across the country who will bring Appetize’s technology to thousands of regional entertainment centres, arenas, colleges, and colleges in these areas.

The acquisition leverages SpotOn’s SMB expertise and Appetize’s enterprise insight to focus on a broader market beneficial for all clients. SMBs will benefit from robust, scalable technology that can grow with them. Enterprise clients can leverage complementary products, such as sophisticated loyalty programs and expanded marketing abilities to increase engagement with their most important customers.

Appetize will go to market as SpotOn and will be focused on working and developing its enterprise client base, such as Live Nation, LSU, Dodger Stadium, and Urban Air. 

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