THANK YOU FOR SUBSCRIBING
In 2019, tens of thousands of new restaurants joined the Toast community and its revenue increased by 109 percent
FREMONT, CA: Toast, the fastest-growing restaurant management platform in the U.S., raised $400M in Series F funding round 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.
Toast aims at empowering restaurants of all sizes to compete with global brands, thus becoming the go-to partner for the restaurant industry, from entrepreneurs opening their first restaurant to enterprise brands scaling across hundreds of location.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
“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 Chris Comparato, CEO at Toast. “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.”
Launched in 2013, Toast has built a restaurant management system that allows users to handle point-of-sale, front-of-house operations, back-of-house operations, guest-facing technology, and more from one platform. The company’s software caters to restaurants of all sizes.
Toast will invest the capital from the funding into its technology platform to meet the evolving needs of the restaurant industry, which includes adding new products and features and working on developing new hardware and software for restaurants. It is also aiming to improve the restaurant employee experience and create financial products to help restaurants expand their business.
“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,” said 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.”
More in News