Toast, a Boston-based maker of software for the restaurant industry, has raised an additional $400 million in venture funding.The new shares were sold at a price that values the company at $4.9 billion, Toast said.
Bessemer Venture Partners led the round, along with TPG, Greenoaks Capital, and Tiger Global Management. The latest round brings Toast’s total funding to more than $900 million.
Toast, with 2,700 employees, is a leading maker of software that restaurant operators use to manage customer orders, loyalty programs, inventory and payroll.. Toast also offers a number of hardware products, including the point-of-sale tablets and handheld order-taking devices for waitstaff that diners now commonly see in so many food establishments.
Toast reported that revenues grew 109 percent from the previous year, with thousands of additional restaurants installing the company’s products. “We’ve been growing the business incredibly fast and we have lots of new products," said chief executive Aman Narang, who added that Toast will use the additional funding to “double down on what we’re already doing." This will include investments in new hardware and software products, including financial services to assist restaurants in need of additional financing.