Toast Secures $115 Million in Funding Round Led by T. Rowe Price

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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