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Restaurant management platform Toast announced this week that it has raised $400 million in a Series F round of funding, placing its latest valuation at $4.9 billion.

The Boston-based company was founded in 2011 and provides software, point-of-sale hardware and integrated payments processing for restaurants of all sizes. Toast is registered as a payment facilitator.

The latest valuation is nearly double the $2.7 billion valuation Toast established with a Series E fundraise less than a year ago. According to Toast, the company increased revenue by 109% in 2019, adding “tens of thousands” of restaurants to its platform.

“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,” Chris Comparato, Toast CEO, said in the company’s announcement.

“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.”

Toast said that it plans to use the fresh capital for new product development, investments in both hardware and software, and development of capabilities to address employee needs and labor challenges. It also said that it plans to put funds into financial services that will help restaurants with their own funding needs. 

The funding round was led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management, with participation that included 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 said.

“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,” Kent Bennett, partner at Bessemer Venture Partners, said in the press release. 

“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.”