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Existing backers , and , also participated in the financing, which brings the company’s since its early-2017 inception to $130 million. This round comes just nine months (to the day) since SpotOn raised $40 million in co-led by Dragoneer and Franklin Templeton.

San Francisco-based SpotOn is taking on the likes of Square in the payments space. But says it “goes way beyond” traditional payment processing and point-of-sale (POS) software. Its platform also gives SMBs the ability to run their businesses “from building a brand to taking payments and everything in-between.” It incorporates tools that include things such as custom website development, scheduling software, marketing, appointment scheduling, review management, analytics and digital loyalty.

To put it simply, according to SpotOn President , SpotOn aims to give SMBs the ability to accept payments “coupled with meaningful, integrated software to meet their specific needs and operate more efficiently.”

“Unlike other offerings, we build our own product offerings and have straight-forward pricing coupled with face-to-face service,” Horsley added.

Growth

The company says its new funding follows a year in which it saw revenue increase “by over 150 percent.” Also, SpotOn doubled its employee count to 850 over the past year. So far in 2020, it’s added over 5,000 clients with a focus on the food and beverage industry. Horsley said the company expects to add 30,000 clients this year. Currently, SpotOn has “tens of thousands of clients,” and is more than doubling year over year, he added.

For 01 Advisors managing partner and co-founder (and former Twitter CEO) , SpotOn is a rare company that can build both “great” products and “great” sales teams.

The company plans to use its new capital to invest in product development with an emphasis on targeting specific verticals. It’s especially focused on its restaurant solution, having recently tripled the development team working on improving upon that product.

SpotOn is currently “aggressively hiring.” Besides its San Francisco headquarters, the company has “expanding” product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico City, Mexico, and Krakow, Poland.

It’s been a busy week for 01 Advisors. The firm also put money into New York City-based , which provides enterprise-grade IT services to SMBs and has just raised a $14.5 million Series B round.

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According , the duo has already raised $134.7 million for their inaugural fund, which is aiming for a total of $200 million.

It appears that the two former Twitter executives have leveraged their old job titles to give advice and capital to entrepreneurs. In between both of ’s stints as CEO of the San Francisco social media company, Costolo ran the shop at Twitter amidst . , consulted for HBO’s Silicon Valley program, , and now works as a partner at , .

Then there’s former COO Bain, who was credited with building and launching Twitter’s advertising business. In fact, , Bain was even eyed to be CEO before Dorsey swept in for his second tenure. After Bain left in 2016, the former COO has been advising and investing in startups like , , , and sneaker marketplace .

Costolo and Twitter did not immediately respond for comment. Bain declined to comment citing quiet-period restrictions.

Monetizing upon your previous experience at a quickly growing startup, especially a startup with the global expanse of Twitter, is smart and somewhat common. For example, was launched by a trio, two of whom were ex- employees. The fund even went as far to say that it would only invest in startups started by ex-Airbnb employees. Wave Capital has since pivoted to invest in marketplace startups more generally.

The ex-Twitter executive duo are moving their consulting efforts into a formalized effort with this new fund. The Axios story parallels 01 Advisors to , a venture capital firm led by that invests in startups in regulated industries. Tusk started off as a consulting shop for larger companies before it began to work with startups in return for equity. Then, Tusk launched a venture capital fund to invest in startups more directly.

Another example of executives going from consulting to investing is . and started a after taking on clients who needed advertising help.

We’ve been tracking the transition of venture capital firms from ATMs to advice giving and service-providing machines. This news is an example of another venture firm coming into existence with more than just capital as their offer: the duo will likely bring their experience at Twitter to the startups that they bet on.

Illustration: .

Editor’s note: This article has been updated with a comment from Adam Bain.