Toast Raises $115M in Funding
Toast, a fast-growing restaurant management platform in the U.S., has raised $115 million in Series D funding to accelerate investment in research and development, recruit new talent, and expand its market presence.
“The way restaurants serve their customers is going through a fundamental change, and the technology that enables restaurant operations must respond to these new demands. Toast does this,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund. “Our investment in Toast reflects our belief in the firm’s ability to become much larger over time.”
The financing round, led by T. Rowe Price Associates Inc., with participation from new investor Tiger Global Management, LLC – as well as existing investors – values Toast at $1.4 billion.
By combining a powerful Android-based point-of-sale experience with solutions designed to increase revenue and improve restaurant operations, Toast has become one of the fastest-growing technology companies in North America. During the past year, revenue increased 150 percent as leading restaurants and concepts including Jamba Juice, Sepia, WaBa Grill, Hattie B’s Hot Chicken, Dos Toros Taqueria, honeygrow, The Pizza Press, and B.GOOD joined tens of thousands of existing restaurants across all 50 states in the Toast customer community.
“Toast enables our team to streamline operations in a way that wouldn’t be possible with legacy technology,” said Austin Brinson, VP of analytics at B.GOOD. “Thanks to Toast’s focus on the unique needs of restaurant operators, our entire organization is empowered to make data-driven decisions.”
Hiring New Talent
To support the demand for its platform, Toast now employs more than 1,000 people in over 30 states and is actively hiring new talent to support its increasingly global footprint. New offices opened in Portland, Ore., and Omaha, Neb., will support Toast’s growing workforce.
The funding allows Toast to accelerate investments in research and development.