Toast, the fastest-growing restaurant management platform in the U.S., today announced $115 million in Series D funding to accelerate investment in research and development, recruit new talent, and expand its market presence. The financing round, led by funds and accounts advised by T. Rowe Price Associates, Inc., with participation from new investor Tiger Global Management, LLC – as well as existing investors – values Toast at $1.4 billion.
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Toast Secures $115 Million in Funding Round Led by T. Rowe Price (Photo: Business Wire)
“The way restaurants serve their customers is going through a fundamental change, and the technology that enables restaurant operations must respond to these new demands. Toast does this,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund. “Our investment in Toast reflects our belief in the firm’s ability to become much larger over time. We look forward to working with Toast’s management team as they help their clients and grow the business.”
The Platform of Choice for RestaurantsBy combining a powerful AndroidTM-based point-of-sale experience with solutions designed to increase revenue and improve restaurant operations, Toast has become one of the fastest-growing technology companies in North America. During the past year, revenue increased 150 percent as leading restaurants and concepts including Jamba Juice (NASDAQ:JMBA), Sepia, WaBa Grill, Hattie B’s Hot Chicken, Dos Toros Taqueria, honeygrow, The Pizza Press, and B.GOOD joined tens of thousands of existing restaurants across all 50 states in the Toast customer community.
“Toast enables our team to streamline operations in a way that wouldn’t be possible with legacy technology,” said Austin Brinson, VP of analytics at B.GOOD. “Thanks to Toast’s focus on the unique needs of restaurant operators, our entire organization is empowered to make data-driven decisions.”
Hiring New Talent to Support a Global FootprintTo support the demand for its platform, Toast now employs more than 1,000 people in over 30 states and is actively hiring new talent to support its increasingly global footprint. New offices opened in Portland, Oregon and Omaha, Nebraska will support Toast’s growing workforce. When combined with Toast’s Boston headquarters and existing office in Dublin, Ireland, the company is well positioned to support thousands of employees in the future.
“With close to $800 billion in annual sales and representing nearly 15 million jobs in the U.S., the restaurant industry is a powerful contributor to local economies,” said Christopher Comparato, CEO of Toast. “As restaurant owners and operators navigate shifting consumer expectations driven by mobility and personalization, they're selecting Toast as their platform of choice to deliver a guest-first and data-driven experience that increases revenue, streamlines operations, and delights guests.”
Accelerated Investment in Research and DevelopmentThe Series D funding allows Toast to accelerate investments in research and development. Areas of continued focus include:
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.
About ToastLaunched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. In 2017, Toast was recognized as the third fastest-growing technology company in North America on the Deloitte Fast 500 and named to the Forbes Cloud 100. Learn more at www.toasttab.com.
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