Toast, a U.S.-based restaurant management fintech platform, announced on Friday it secured $400 million through its Series F funding round, which was led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management with participation from Durable Capital Partners LP, TCV, funds and accounts advised by T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital, and others.
Launched in 2013, Toast claims that it empowers restaurants of all sizes to build great teams, increase revenue, improve operations, and delight guests. The company further explained:
“We pair our deep understanding of the restaurant industry with powerful cloud based software and restaurant-grade hardware to deliver an intuitive, all-in-one platform, across point of sale, guest marketing, digital ordering & delivery, and payroll and HR.”
Kent Bennett, Partner at Bessemer Venture Partners, stated:
“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. 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.”
The investment round’s funds will be used for the following:
- New products designed to both deepen restaurateurs’ connections with guests and increase restaurant revenue;
- Hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs;
- Capabilities to improve the restaurant employee experience, reduce employee turnover, and address the industry’s pressing labor challenges; and,
- Financial products that provide quick and reliable access to funding to help restaurateurs grow their businesses.
Chris Comparato, CEO at Toast, added:
“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.”