Restaurant management platform Toast has received $400m in its Series F round, which comes after a successful year that increased its revenue by 109%.
The round was led by investment firms Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management. Additional contributions came from Durable Capital Partners LP, TCV, funds and accounts advised by T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital and more.
Having closed the round, Toast is looking to release new products which will improve connections between restaurants and customers, while increasing revenues. The company is also looking to fuel the development of its technology platform to meet changing market needs.
Furthermore, Toast is looking to increase the speed of service, streamline guest experiences, lower operational costs, improve employee experiences, lower staff turnover and address labour challenges.
Finally, the FinTech will use funds to offer financial products to restaurants which would give them quick access to funds to grow their business.
Toast is a Boston-based FinTech which supplies eateries with point of sale terminals and handheld devices. Its POS solutions come in a variety of types and help businesses improve their transaction processes.
Late last year, the FinTech released its working capital solution which empowers restaurants to access working capital to invest into their business. Loans are available on the platform between $5,000 and $250,000 with repayments as a fixed percentage of daily credit card sales.
Bessemer Venture Partners partner Kent Bennett said, ?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. Were thrilled to continue to support this incredible team in 2020 and beyond.p>
Last year, Toast closed a $250m round which valued it at $2.7bn.
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