Toast, a Boston, MA-Based restaurant management platform provider, raised $400M in Series F funding.
The round, which valued the company at $4.9 Billion, was 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.
The company intends to use the funds to advance new products designed to both deepen restaurateurs’ connections with guests and increase restaurant revenue, make hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs, enhance capabilities to improve the restaurant employee experience, reduce employee turnover, and address pressing labor challenges; and develop financial products that provide quick access to funding to allow restaurateurs to grow their businesses.
Led by Chris Comparato, CEO, Toast provides a restaurant management platform to entrepreneurs opening their first avenue to enterprise brands scaling across hundreds of locations. Tens of thousands of restaurants partner with the company to increase revenue, streamline operations, retain employees, and create fans.