Toast, a US-based restaurant management software provider that counts internet and technology group Alphabet as an investor, raised $400m in series F funding on Friday at a $4.9bn valuation.
The round was co-led by TPG, Greenoaks Capital, Bessemer Venture Partners (BVP) and Tiger Global Management and included Durable Capital Partners, TCV, G Squared, Light Street Capital, Alta Park Capital and funds and accounts advised by T. Rowe Price.
Founded in 2011, Toast has created a restaurant management platform that encompasses software tools for kitchen and inventory management, online ordering and back office processes in addition to hardware such as point-of-sale systems.
The series F proceeds will go to further development of the company’s technology, as the company looks to help restaurants slow staff turnover, improve service, engage customers more effectively and access external funding.
Toast’s chief executive, Chris Comparato, said: “As a result of our tremendous growth and commitment to the restaurant industry, we have continued to see a significant amount of demand from the investor community.
“As the clear platform leader in the restaurant space, we are excited to use this investment to extend our capabilities and drive a bigger impact for the restaurant industry.”
The company’s overall funding now stands at $906m. TCV and Tiger Global Management co-led its $250m series E round in April 2019, investing with BVP, Lead Edge Capital and funds and accounts managed by T. Rowe Price at a $2.7bn valuation.
Toast was valued at $1.4bn in a $115m series D round in mid-2018 that was led by T. Rowe Price-managed funds and accounts and backed by Tiger Global and undisclosed existing investors.
Lead Edge Capital and Generation Investment Management co-led the company’s $101m series C round the year before. It also featured existing backers including BVP, which had led a $30m round for it in 2016 that was also backed by Alphabet subsidiary GV.
