Toast Inc. raises $115M in funding
Toast Inc., a restaurant POS platform, has raised $115 million in Series D funding to accelerate investment in research and development, recruit new talent and expand its market presence, according to a press release.
The financing round, led by funds and accounts advised by T. Rowe Price Associates Inc., with participation from new investor Tiger Global Management LLC and existing investors, values Toast at $1.4 billion.
"Our investment in Toast reflects our belief in the firm's ability to become much larger over time," Henry Ellenbogen, portfolio manager for the T. Rowe Price New Horizons Fund, said in the press release.
During the past year, Toast Inc. revenue increased 150 percent as the company attracted new restaurants and concepts that included Jamba Juice Sepia, WaBa Grill, Hattie B's Hot Chicken, Dos Toros Taqueria, honeygrow, The Pizza Press and B.GOOD. They joined tens of thousands of existing restaurants in the Toast customer community, which spans all 50 U.S. states, the release said.
Companies: Toast, Inc.