US restaurant management platform Toast raises $115m in new funding

Restaurant industry news : Toast, a US restaurant management platform has raised new funding of $115 million through a Series D round, which it intends to use on speeding up its investment in research and development, hire new talent, and grow its market presence.

Rowe Price Associates led the new funding round in the US restaurant management platform with participation also coming from new investor Tiger Global Management alongside existing investors.

Through the new funding, Toast now has an enterprise value of $1.4 billion.

Founded in 2013, the restaurant management software provider combines an Android-based point-of-sale experience with solutions designed to boost revenue and enhance restaurant operations.

Toast Go, a mobile point-of-sale device designed by Toast is a US restaurant management platform. Photo courtesy of Business Wire.

Commenting on T. Rowe Price Associates investment in Toast, Henry Ellenbogen – portfolio manager of T. Rowe Price New Horizons Fund, 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.

“Our investment in Toast reflects our belief in the firm’s ability to become much larger over time. We look forward to working with Toast’s management team as they help their clients and grow the business.”

Toast said that in 2017, its revenue jumped 150% after its association with restaurants and concepts like Jamba Juice, Sepia, Dos Toros Taqueria, WaBa Grill, Hattie B’s Hot Chicken, B.GOOD, honeygrow and The Pizza Press to go along with several other existing restaurants in the US.

The US restaurant management platform has a workforce of over 1,000 people across more than 30 US states and is actively recruiting new talent to help it build its global presence.

Toast will open new offices in Portland, Oregon and Omaha, Nebraska to support its increased workforce. The company is headquartered in Boston and also has an office in Dublin, Ireland.

Christopher Comparato – CEO of Toast, said: “With close to $800 billion in annual sales and representing nearly 15 million jobs in the U.S., the restaurant industry is a powerful contributor to local economies.

“As restaurant owners and operators navigate shifting consumer expectations driven by mobility and personalization, they’re selecting Toast as their platform of choice to deliver a guest-first and data-driven experience that increases revenue, streamlines operations, and delights guests.”

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