SpotOn said on Wednesday it had raised US$300 million in a late-stage funding round led by investment firm Dragoneer, which valued the software maker at US$3.6 billion.

The fundraise also saw participation from growth-stage venture capital fund G Squared and existing investors Andreessen Horowitz, DST Global, Franklin Templeton and Mubadala Investment Company.

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.

In September, SpotOn had raised US$300 million in a series E round that valued the company at US$3.15 billion.

Its move to raise capital comes amid a broader sell-off in tech stocks over the past few months, which is likely to pressure the valuations of private companies.

However, investors such as Tiger Global and Andreessen Horowitz continue to pour money into tech companies.

Earlier this month, New York-based digital asset trading platform Talos raised its valuation to US$1.25 billion after an early stage funding round led by General Atlantic that also saw participation from Andreessen Horowitz.

San Franciso-based SpotOn said on Wednesday it had tripled revenue in the restaurant sector over the past year and that it would use the funds raised to develop technology products.

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