Toast raises $400 million

Toast , the all-in-one point-of-sale and restaurant management platform, announced a $400 million Series F round. The round, which values the company at $4.9 billion, 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.

Last year, the company made its first-ever acquisition with StratEx, an HR and payroll software for restaurants to now offer a payroll service that syncs with POS.

During the course of 2019, revenue increased 109% as “tens of thousands” of new restaurants joined the Toast platform. The company plans to use the funding to build new products and introduce new services to streamline the guest experience, reduce operations costs of restaurant, improve the restaurant employee experience, reduce employee turnover, and address the industry’s “pressing labor challenges.”

“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. 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.” – Chris Comparato, CEO at Toast.

“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.” – Kent Bennett, partner at Bessemer Venture Partners.