Software and payments technology company SpotOn announced it has raised $300 million in Series E funding at a $3.15 billion valuation, a significant jump from its $1.88 billion valuation after a $125 million funding round in May. Both rounds were led by Andreesen Horowitz.
SpotOn will use the investment to acquire digital and mobile payments platform Appetize for $415 million in cash and stock.
Appetize is popular with entertainment venues and currently covers 65% of all major league sports stadiums, focusing on contactless payments and mobile ordering.
Live Nation, LSU, and Dodger Stadium are among key clients for the company.
Meanwhile, SpotOn has tripled its revenue over the past 18 months.
The acquisition bolsters its journey to become a “one-stop shop” for multiple services, from “building a brand to taking payments and everything in between.”
- August 2020: Acquired reservation management company Seatninja
- October 2018: Acquired EmaginePOS, a cloud-based, point-of-sale platform
SpotOn and Appetize say they should be able to quickly work together due to their “similar tech stacks” and “complementary products.”