SpotOn Raises $300 Million, Plans to Acquire Digital Platform Appetize
Summary
SpotOn, one of the fastest-growing software and payments companies with comprehensive solutions for restaurants and retail businesses, today announced $300 million in Series E funding, raising its valuation to $3.15 billion. The funding will be used to acquire Appetize, a leading digital and mobile commerce platform for enterprise businesses, such as sports and entertainment venues, theme parks, zoos, college campuses, and more. "This investment enables SpotOn to significantly increase its total addressable market, with an end-to-end platform for restaurants and retail business of all types and sizes,” says David George, general partner at Andreessen Horowitz. By bringing the two companies together, businesses from a major league ballpark to a local clothing boutique will have access to modern, intuitive, cloud-based technology that delivers exceptional customer experiences from one trusted provider.” The acquisition leverages SpotOn’s SMB expertise and Appetize’s enterprise acumen to focus on a broader market that is beneficial for all clients. SMBs will benefit from robust, scalable technology that can grow with them, and enterprise clients can leverage complementary products, such as sophisticated loyalty programs and expanded marketing capabilities, to increase engagement with their most valuable customers.
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