Toast, Restaurant Management Platform Bags $250M, Boosting Its Valuation To
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Toast, Restaurant Management Platform Bags $250M, Boosting Its Valuation To $2.7B

Tens of thousands of restaurants are powered by Toast, which currently employed 1,500 personnel

Toast, Restaurant Management Platform Bags $250M, Boosting Its Valuation To $2.7B

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,

Toast Funding Round

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,

Track Record of POS-Based Enterprises 

  • Jack Dorsey’s Square went public in 2015 after raising nearly $600 million.
  • Montréal-based Lightspeed POS went public last month after raising nearly $300 million.
  • New York’s TouchBistro has raised north of $100 million, including a $70 million tranche last summer.
  • The mighty PayPal is currently in the process of acquiring $2.2 billion European POS startup iZettl.

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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