Toast secures $115M in funding
Toast, a restaurant management platform, has secured $115 million in Series D funding for research and development, recruit talent and expand its market presence, according to a company press release.
Funds and accounts, advised by T. Rowe Price Associates, led the financing round, with participation from new investor Tiger Global Management — as well as existing investors — and values Toast at $1.4 billion.
"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," Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund said in the release. "Toast does this. Our investment in Toast reflects our belief in the firm's ability to become much larger over time. We look forward to working with Toast's management team as they help their clients and grow the business."
Toast is combining a powerful AndroidTM-based point-of-sale experience with solutions designed to increase revenue and improve restaurant operations,
Toast employs more than 1,000 people and is hiring new talent to support its increasingly global footprint, according to the release.
"As restaurant owners and operators navigate shifting consumer expectations driven by mobility and personalization, they're selecting Toast as their platform of choice to deliver a guest-first and data-driven experience that increases revenue, streamlines operations and delights guests," CEO Christopher Comparato, said in the release.
Companies: Toast, Inc.