Toast, a Boston, MA-based restaurant management platform provider, raised $250m in Series E funding.
The round, raised at a $2.7 billion valuation, was led by TCV and Tiger Global Management with participation from existing investors Bessemer Venture Partners, Lead Edge Capital and funds and accounts managed by T. Rowe Price Associates, Inc. In conjunction with the funding, David Yuan, general partner at TCV, will join Toast’s board of directors.
The company intends to use the funds to attract, engage, and retain guests, recruit and retain talent across research and development, customer success, sales, and marketing, improve operations and increase profitability.
Launched in 2013 by Chris Comparato, CEO, Toast provides restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. The company enables restaurants to streamline operations, increase revenue and deliver improved guest experiences.
Toast, which serves José Andrés’ ThinkFoodGroup, Tartine Bakery, Joe Coffee Company, Eggs Up Grill, JACKS Urban Eats, and The County Line, among others, will invest over $1 billion in research and development – over the next five years – to continue building software and hardware designed specifically for the restaurant industry.