Former Twitter execs put funding behind SpotOn POS

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Payments software company SpotOn Transact has completed a $50 million funding round that included investments from 01 Advisors, a firm founded by former Twitter executives.

San Francisco-based SpotOn Transact has established a client database of more than 5,000 since its previous funding round in early 2019. Twitter's former CEO Dick Costolo, former chief operating officer Adam Bain and former corporate development and investor relations executive David Rivinus fueled the latest funding round along with returning investors Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.

A year ago, SpotOn partnered with terminal maker Poynt to combine its multi-channel software with Poynt hardware in targeting small and medium-sized businesses seeking payment agnostic terminals with integrated marketing, loyalty and business management tools.

Other features of SpotOn's software include website development, appointment scheduling, digital loyalty, review management and both retail and restaurant POS platforms.

“There are companies that build great products, and there are companies that build great sales teams, but it’s rare to find an organization that can do both,” said Costolo, managing partner and co-founder of 01 Advisors, in a Wednesday press release. “SpotOn has proven an unwavering commitment to building products that matter and getting them into the hands of businesses nationwide.”

The company says it will use the $50 million in funding to continue SpotOn’s investment in product development for specific verticals. This strategy continues the company's path of the past year in focusing on the food and beverage industry.

SpotOn recently announced its restaurant advisory board, in which restaurateurs interact with the company development team in advancing the SpotOn Restaurant software.

“Businesses need help navigating the digital shift in commerce, whether that’s utilizing new payment methods, leveraging actionable data or taking advantage of new mediums to communicate with their customers,” Zach Hyman, co-founder of SpotOn, said in the release.

SpotOn has operations teams in Chicago, Detroit and Denver, as well as new offices in Mexico City and Krakow, Poland.

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