Toast, a US-based restaurant management software developer backed by internet and technology conglomerate Alphabet, has filed to raise up to $100m in an initial public offering.
Founded in 2011, Toast operates an online restaurant management platform that helps restaurants handle in-store and online orders as well as marketing, payroll and recruitment.
The company secured a valuation of about $5bn through a private investment round of undisclosed size in February this year, according to a report by Reuters.
Toast generated $704m of revenue for the six months ending June 2021, an increase from $344m in the same period in 2020. Its net loss for the first six months of 2020 rose from $125m to $244m in the same year.
Toast has raised $906m of funding including $400m in a series F round in February 2020 co-led by TPG, Greenoaks Capital, Bessemer Venture Partners (BVP) and Tiger Global Management and backed by Durable Capital Partners, TCV, G Squared, Light Street Capital, Alta Park Capital and funds and accounts advised by T Rowe Price.
The company received $250m in an April 2019 series E round co-led by TCV and Tiger Global that also featured BVP, Lead Edge Capital and funds and accounts managed by T Rowe Price.
Funds and accounts managed by T Rowe Price had led a $115m series D round for Toast in 2018 that included Tiger Global and unnamed existing backers.
Toast picked up $101m in a 2017 series C round co-led by Lead Edge Capital and Generation Investment Management. The round was also backed by BVP, which had led a $30m round in 2016 that drew in capital from Alphabet’s GV subsidiary.
Tiger Global is the company’s largest shareholder, the owner of a 12.8% stake. Its other significant investors include BVP (12.5%), Technology Investment Dining Group (11.7%), T Rowe Price (6%) and TCV (5.5%).
Goldman Sachs, Morgan Stanley, JP Morgan, KeyBanc Capital Markets, William Blair, Piper Sandler, Canaccord Genuity, Needham & Company and R Seelaus are the underwriters for the offering, which is set to take place on the New York Stock Exchange.