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Apr 01, 2019
Valued at $2.7 billion, Toast will increase investment in research and development to solve some of the industry’s most pressing issues and accelerate expanding its team
Boston, MA—April 1, 2019 -- Toast, the fastest-growing restaurant management platform in North America, announced today it raised $250 million in Series E funding at a $2.7 billion valuation led by TCV and Tiger Global Management along with participation from existing investors including Bessemer Venture Partners, Lead Edge Capital and funds and accounts managed by T. Rowe Price Associates, Inc. Following a period of tremendous growth - during which revenue increased 148 percent in 2018 - this fundraise establishes Toast as the leading restaurant management platform for restaurants of all sizes.
“At TCV, we invest in companies that have the potential to reshape entire industries. By providing restaurants of all sizes with access to innovative technology, Toast is leveling the playing field and leading the industry’s transition to the cloud,” said David Yuan, general partner at TCV. “Our investment will enable Toast to extend their platform beyond point-of-sale and guest-facing technology, and in doing so, create a powerful SaaS platform with a superlative business model. We’re excited to partner with Toast as they accelerate the growth of the community they serve.” TCV invested in some of the largest franchises in technology including ExactTarget, Facebook, Netflix, and Spotify; David Yuan will join Toast’s board of directors.
During the past year, the number of restaurants that selected Toast more than doubled as globally acclaimed brands like José Andrés’ ThinkFoodGroup and Tartine Bakery chose Toast in addition to high-growth concepts like Joe Coffee Company, Eggs Up Grill, JACKS Urban Eats, and The County Line.
“Last year we celebrated the five year anniversary of our first Toast customer, Barismo. 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,” said Chris Comparato, CEO of Toast. “At our core, we believe every restaurant should benefit from the massive investment we continue to make in restaurant technology.”
Leading the Industry’s Transition to the CloudToast will invest over $1 billion in research and development -- over the next five years -- to continue building software and hardware designed specifically for the restaurant industry. The Series E investment will enable Toast to help solve some of the industry’s most pressing challenges:
Jeffrey Pandolfino, the owner of Green & Tonic, a five-location café in Connecticut, shared how Toast’s focus on the restaurant industry impacted his business: “As we outgrew our legacy point-of-sale-system, we needed a cloud-based platform to build our business on,” said Pandolfino. “With Toast, we’re not only processing orders faster, but we’ve also seen aspects of our business like catering and delivery grow by more than 50 percent.”
Recruiting Top Talent to Serve the Toast CommunityIn 2019, Toast significantly extended its presence with on-the-ground employees across the U.S. - in addition to engineering teams in Dublin, Ireland - by recruiting from the software, financial technology, and food & beverage industries. Funding from this latest investment will enable Toast to accelerate hiring across research and development, customer success, sales, and marketing to better serve the restaurant community. Interested candidates may find additional information on Toast career opportunities here.
Restaurant owners and operators can learn more about Toast and schedule a personalized demo here.
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About Toast
Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.
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