Is Toast on track to becoming the fastest-growing restaurant tech company in the U.S.?
With a cool $101 million Series C investment led by Generation Investment Management and Lead Edge Capital, it appears so.
The round, which was announced Tuesday, will be used to double the Boston-based restaurant tech giant’s team from 500 to 1,000 employees nationwide over the next 18 months, as well as to continue building out Toast’s cloud-based platform.
“The restaurant industry has historically been slower than others to adopt technology, leading to operational inefficiencies and missed opportunities,” Greg Wasserman, partner at Generation Investment Management, said in a statement. “Advances in hardware, software and cloud computing are shifting that dynamic.”
Toast’s restaurant management platform offers features like quick menu modifications, online ordering, labor management, tableside ordering and more, on one interface.
Toast’s recent round of funding will also be used to invest further in the company’s online ordering system and to improve products like its handheld pay-at-the-table devices, marketing tools and self-ordering kiosks.
"We’ve rapidly expanded our business over the past year by delivering on our mission and promise to be obsessed with customer success," Chris Comparato, CEO of Toast, said in a statement. "We plan to accelerate our growth even faster in the year ahead with strategic investments that will help our restaurant customers focus on delivering great food and guest experiences."
Toast has over 50 midmarket and enterprise-level customers, including Bareburger, Jeni’s Splendid Ice Creams, b.good, The Human Bean, Protein Bar and Sticky Fingers Ribhouse.