Software firm SpotOn valued at $1.88 billion after Andreessen Horowitz-led investment

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(Reuters) - SpotOn said on Wednesday it raised $125 million in a funding round led by venture capital giant Andreessen Horowitz that valued the payment software start-up at about $1.88 billion.

The round included existing investors such as DST Global, Franklin Templeton and 01 Advisors, an investment firm founded by former Twitter chief executive Dick Costolo. It also saw the participation of Abu Dhabi state fund Mubadala Investment Co.

SpotOn, co-founded in 2017 by twin brothers Matt and Zach Hyman, offers payments and other software to restaurants, as well as other small and medium-sized businesses.

The San Francisco-based start-up has 1,200 employees, and 8,000 businesses have signed up for its platform so far in 2021.

Andreessen Horowitz has also led funding rounds of fintech startup Current and subscription management software provider ReCharge in recent weeks.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)