Toast, makers of the eponymous restaurant management software, today announced that it has raised a whopping $115 million Series D round of funding. The round was led by T. Rowe Price Associates with participation from Tiger Global Management and existing investors. The new funding brings the total amount raised by Toast to $249 million and values the company at $1.4 billion.
“Toast is a full-service, cloud-based, point-of-sale system created for the restaurant industry. It streamlines every element of running a successful restaurant – front-of-house, back-of-house, online orders, loyalty programs – and syncs them for easy access and quick changes. Toast provides real-time data, across multiple locations, to zero in on what’s working and what’s not, so owners can pivot when needed. In addition to their platform, Toast offers hardware that easily integrates their solution into a variety of terminals or tablets.”
In a press release, Toast said that it will use the new money to make new hires, expand its footprint globally and invest in research and development of new handheld, back of house and guest-facing technologies. Toast currently has 1,000 employees and counts Jamba Juice, B.GOOD and The Pizza Press and customers.
There are plenty of competitors in the restaurant management software space, and it’s not hard to see why Toast went out to bulk up its coffers. Last month, TouchBistro raised a $70 million Series D, bringing its total amount raised to $105.3 million. And back in May, Square launched its own restaurant POS system.