Tens of thousands of restaurants are powered by Toast, which currently employed 1,500 personnel
Toast, an all-in-one POS and restaurant management platform for restaurants, raises $250 million in Series E funding. POS technology may not be a fancy industry, but it is an essential part of the restaurant and retail business houses. According to the food industry forecast report, sales at restaurants hit $825 billion in the year 2018.
With the latest funding, the company will invest in building technology to aid restaurants with marketing, recruiting and improving operational efficiency. The new injection of funds will also help in expanding to other regions outside the U.S.
In an interview with Techcrunch, Toast’s CFO, Tim Barsh said,
“I was first a busboy, and then I worked in pizza delivery for years. Seventy percent of our employees have worked at restaurants, including those in our product leadership, and that helps us understand the problem.”
The company’s valuation jumped to $2.7 billion from $1.4 billion. The leading investors in the funding are Tiger Global Management, TCV, Bessemer Venture Partners, T.Rowe Price Associates and participation from other existing investors.
Company's CEO, Chris Comparato stated,
“Now with tens of thousands of restaurants powered by Toast – and nearly 1,500 employees serving our community — it’s impressive to see how far we’ve come. At our core, we believe every restaurant should benefit from the massive investment we continue to make in restaurant technology.”
At present, the cloud-based system unicorn’s products include point of sale services (POS). The services also included reporting, analytics as well as kitchen’s systems and online ordering and food delivery interfaces. It provides links via a network of 10 partners like GrubHub for takeout food at a time of absence for such services in restaurants.
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