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Toast closes a $400M Series F funding round presided by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management
FREMONT, CA: The fastest-growing restaurant management platform, Toast, raises $400 million from its Series F round of financing. The latest equity round was led by Bessemer Venture Partners, GreenOaks Capital, TPG, and Tiger Global Management.
The Series F funding round also saw 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.
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Toast is focused on empowering those restaurants that are willing to compete on a level playing field with global brands. It has rapidly assumed the place of a go-to partner for the restaurant industry. From entrepreneurs starting their first restaurants to large enterprise brands that are looking to scale across hundreds of locations are dependent on Toast. During 2019, the revenue of the company increased by 109 percent as more than tens of thousands of new restaurants joined the Toast family.
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 on the restaurant industry."
The proceeds collected from its Series F fundraising round will be utilized for its technology platform and to satiate the evolving necessities of the restaurant industry such as:
• New features will be designed to deepen the restaurateurs' relationship with their guests and increase the revenue.
• Software and hardware investments to enhance the speed of service, streamline the customer experience, and minimize operational costs.
• Add new capabilities to rejuvenate the restaurant employee experience, decrease employee turnover, and tackle the pressing labor challenges in the industry.
• The provision of quick and reliable access to funding, financial products will be designed to help restaurateurs develop 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," 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."
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