Toast Inc., a software, point-of-sale hardware, and payments provider for restaurants, has raised $400 million in another funding round.
The Boston-based firm introduced its first POS device in the spring of 2018, and among its services it acts as a payment facilitator for restaurants. The company says revenue increased 109% in 2019, with “tens of thousands of new restaurants” becoming customers.
“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,” chief executive Chris Comparato said in a Friday news release announcing the Series F funding round. “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 it will use the funding for new product development; investments in hardware and software; development of capabilities to improve the employee experience and reduce turnover; and to develop “financial products that provide quick and reliable access to funding to help restaurateurs grow their businesses.”
The company competes with such providers as Square Inc. and Upserve Inc., formerly known as Breadcrumb.
A spokesperson tells Digital Transactions News that Toast has raised $899 million since its founding in 2013, and that its valuation is now $4.9 billion. This latest funding round 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.