- Restaurant management platform Toast announced recently that it raised $400 million in Series F funding.at a $4.9 billion valuation
Restaurant management platform Toast announced recently that it raised $400 million in Series F funding led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management with participation from Durable Capital Partners LP, TCV, and funds and accounts advised by T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital, and several others.
Toast is known for empowering restaurants of all sizes to compete on a level playing field with global brands. And Toast has quickly become the go-to partner for the restaurant industry ranging from entrepreneurs opening their first restaurant to enterprise brands scaling across hundreds of locations. Last year, revenue increased 109% as tens of thousands of new restaurants joined the Toast community.
“As a result of our tremendous growth and commitment to the restaurant industry, we have continued to see a significant amount of demand from the investor community,” said Toast CEO Chris Comparato. “As the clear platform leader in the restaurant space, we are excited to use this investment to extend our capabilities and drive a bigger impact for the restaurant industry.”
With this round of funding, Toast is going to invest in new products designed to both deepen restaurateurs’ connections with guests and increase restaurant revenue. And the company will also make hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs. Plus Toast will invest in 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.
“Just as the retail industry weathered disruption from e-commerce over the past two decades, restaurateurs now face shifting consumer expectations and a changing landscape of tech players who threaten to erode restaurant brands,” added Kent Bennett, partner at Bessemer Venture Partners. “Toast wants to partner with the restaurant community to level the playing field and strengthen this nearly trillion dollar industry. We’re thrilled to continue to support this incredible team in 2020 and beyond.”
