US-based point-of-sale technology producer Toast has raised $30m in a series B round backed by GV, the corporate venturing vehicle of conglomerate Alphabet formerly known as Google Ventures.
Venture capital firm Bessemer Venture Partners led the round, which featured participation by a range of unnamed private investors.
Founded in 2011, Toast’s cloud-based point-of-sale technology is aimed at restaurants and offers features such as online ordering, gift vouchers and loyalty programs. The system also generates labour and sales reports.
The funding will support accelerated growth through recruitment and further product development.
Toast reportedly raised $7m in a series A round featuring Steve Papa, the former chief executive of software developer Endeca, where Toast’s co-founders worked before launching the company. Toast has not disclosed any further details of the round.
The company secured approximately $3m in debt financing in August 2015, according to a regulatory filing.