SpotOn: Payments startup raises from DST Global without pitch deck – Business Insider
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- San Francisco-based payments startup SpotOn Transact has raised a $60 million Series C funding round from Twitter backers DST Global.
- The round comes six months after the company raised a $50 million Series B, with SpotOn completing negotiations remotely and without a pitch deck.
- “We’re very proud of how we, as a business and as individuals, have carried ourselves during this period,” RJ Horsley, president at SpotOn Transact, told Business Insider in an interview. “There was no playbook for the Covid situation but we’ve stuck by our team and our values.”
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San Francisco-based payments startup SpotOn Transact has raised $60 million from Twitter backer DST Global during the coronavirus without a formal pitch deck.
Founded by twin brothers and serial entrepreneurs Zach and Matt Hyman and Doron Friedman in 2010, SpotOn has around 1,000 employees.
The company plans to use its funding to continue to supporting medium-sized businesses, which it claims are poorly served by payments companies. During the COVID-19 pandemic SpotOn has expanded into helping small businesses offer contactless solutions and also acquired waitlist provider SeatNinja.
The company wasn’t necessarily looking to fundraise, according to SpotOn president RJ Horsley. However, the startup had been in touch with DST Global managing partner Rahul Mehta for a number of years and wanted to bring the fund into the business.
Fundraising took around six to eight weeks, Horsley said.
“Fundraising takes time and focus but the most important thing for our business right now is execution,” he told Business Insider. “The shift to technology has been accelerated by pandemic, businesses have always needed what we offered but now our product is able to help businesses more than ever.”
The company’s prior investors include former Twitter executives such as ex-CEO Dick Costolo, ex-COO Adam Bain, and David Rivinus through their investment and advisory firm 01 Advisors. Other investors include Dragoneer Investment Group, Franklin Templeton, and EPIQ Capital Group.
“We’re very proud of how we, as a business and as individuals, have carried ourselves during this period,” Horsley added. “There was no playbook for the Covid situation but we’ve stuck by our team and our values.”
SpotOn is headquartered in San Francisco with product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico and Poland.