Restaurant management and POS company Toast has reportedly raised $250m in a funding round which values the company at $2.7bn.
The capital round was being led by TCV and Tiger Global Management with participation also coming from Bessemer Venture Partners and T. Rowe Price Associates, according to a report from Tech Crunch. A number of unnamed existing backers also took part in the round.
With the burst of capital, the company will look to further development technology to help restaurants with marketing, recruitment and operational efficiency, it said. In addition to this, the Toast will expand into regions outside of the US.
Last year, the POS company pulled in a $115m Series D funding round which valued the company at $1.4bn. The round was led by T. Rowe Price Associates and received support from Tiger Global Management.
Boston-headquartered Toast supplies restaurants with POS terminals and handhelds, reporting and analytics tools, loyalty programs, and online ordering systems. Its POS solutions come in a variety of types with handheld devices helping more freedom, while kiosk systems let the consumer take control or their orders. Traditional POS terminals are also available to improve over the counter transactions.
In addition to improving the payment efficiency, Toast offers restaurants tools to help kitchen keep up with orders coming in and their inventory stocks. Other general management tools, such as payroll and operation analytics are also available.
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