Toast raises additional $250M to expand scope beyond point of sale

by Andreas Rekdal
April 1, 2019
toast team boston tech
PHOTOGRAPHY BY AMELIA INGRAHAM

Building on a year of massive revenue growth, Toast shows no sign of slowing down.

The Boston-based restaurant management technology provider, announced on Monday that it has raised $250 million in Series E funding.

The round, which values the company at $2.7 billion, brings Toast’s funding to $499 million. The company’s most recent funding round, a $115 million Series D raised in July of last year, valued the company at $1.4 billion.

Founded in 2013, Toast has quickly become a major player in the Boston tech scene. The company has nearly 1,500 employees and about 100 open roles on Built In Boston at the time of this writing.

The tech provider also has offices in Portland, Ore., Omaha, Neb. and Dublin.

Toast plans to invest more than $1 billion in research and development over the next five years. New capabilities already in the works include special offers personalized for individual guests, real-time analytics to monitor restaurant performance, and tools for streamlining recruitment and employee retention.

According to a statement issued by Toast, its revenues grew by 148 percent last year.

TCV and Tiger Global Management co-led Monday’s round. Existing investors Lead Edge Capital, Bessemer Venture Partners and T. Rowe Price also participated in the round.

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