Toast lands $400M in funding
Toast, a restaurant management platform in the U.S., today has raised $400,000 million in its latest round of funding led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management with participation from Durable Capital Partners LP, TCV, funds. T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital and others advised the counts.
“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,” CEO Chris Comparato said in a company press release. “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.”
He said Toast will use the funds to:
- Create new products.
- Make hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs.
- Design ways to improve the restaurant employee experience, reduce employee turnover, and address the industry’s pressing labor challenges; and,
- Launch financial products that provide quick and reliable access to funding to help restaurateurs grow their businesses.
“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 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.”
Topics: Operations Management, Systems / Technology
Companies: Toast, Inc.