Toast, a Boston, MA-based restaurant technology platform and one of the fastest-growing technology companies in the U.S., raised $101m in funding.
The round was led by new investors Generation Investment Management and Lead Edge Capital with participation from existing investors Bessemer Venture Partners.
The company intends to use the new funds to further invest in talent and in Toast Online Ordering, enabling an ordering experience across various devices and channels, and enhancing key areas of the platform such as self-ordering kiosks, handheld pay-at the-table experiences, CRM and marketing tools, advanced reporting, inventory, loyalty.
Founded by Steve Fredette, Aman Narang and Jonathan Grimm and led by Chris Comparato, CEO, Toast is a restaurant technology platform that enables customers to simplify and streamline all elements of their operation. To this end, the company offers a mobile, cloud-based point of sale system (POS) that integrates with front-of-house, back-of-house, online ordering, gift card and loyalty programs, as well as labor and sales reporting.
Launched in 2013, the company serves Costa Vida, O’Maddy’s Bar & Grille, Pieology, Beef ‘O’ Brady’s, Bareburger, Jeni’s Splendid Ice Creams, b.good, The Human Bean, Protein Bar, and Sticky Fingers Ribhouse, among others.
The company has over 500 employees and is on track to hire nearly 1,000 more in the next 18 months.