Restaurant management platform Toast announced a $400M Series F funding round led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management with participation from Durable Capital Partners LP, TCV, funds and accounts advised by T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital, and others.
Focused on empowering restaurants of all sizes to compete on a level playing field with global brands, Toast has quickly become the go-to partner for the restaurant industry, from entrepreneurs opening their first restaurant to enterprise brands scaling across hundreds of locations. During the course of 2019, revenue increased 109% as tens of thousands of new restaurants joined the Toast community.
Toast will invest proceeds from this fundraise into its technology platform to meet the evolving needs of the restaurant industry including:
New products designed to both deepen restaurateurs' connections with guests and increase restaurant revenue;
Hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs;
Capabilities to improve the restaurant employee experience, reduce employee turnover, and address the industry’s pressing labor challenges; and,
Financial products that provide quick and reliable access to funding to help restaurateurs grow their businesses.