Restaurant management platform Toast has raised $115m in its Series D funding round, valuing the company at $1.4bn.
The investment was led by funds and accounts advised by T. Rowe Price Associates. Participation to the round also came from Tiger Global Management, as well as some existing backers.
Boston-headquartered Toast provides restaurants with point of sale systems, offering them in a range of forms including tablet platforms. The systems allows for table-side ordering and payments, a mobile POS, loyalty programs and cash management.
Over the past year, the company has increased its revenue by 150 per cent, with the company onboarding new restaurants with its services. Its new clients include Jamba Juice, Sepia, WaBa Grill, Hattie B’s Hot Chicken, Dos Toros Taqueria, honeygrow, The Pizza Press, and B.GOOD.
With this capital the company is looking to accelerate investments into research and development. Areas of focus include its handheld point of sale technology, back of house technology to increase speed of service, and guest-facing technology to improve consumer experience.
T. Rowe Price New Horizons Fund portfolio manager Henry Ellenbogen said, “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.”
Last year, the company raised $101m in a financing round led by Generation Investment Management and Lead Edge Capital. Bessemer Venture Partners also took part in the round, which was raised to support the development of Toast’s cloud platform.
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