Tech Platform Toast Raises $30 Million in Series B Funding
Toast, a leading all-in-one restaurant point-of-sale (POS) company, announced Tuesday that it has closed $30 million in Series B funding to accelerate the company’s growth.
The financing round was led by Bessemer Venture Partners with participation from GV (formerly Google Ventures), and private investors. The company will use the funds to fuel further growth through hiring, product innovations, and customer success.
“We have the opportunity to dramatically improve the restaurant experience through technology, and our customer traction to date shows the industry is ready for a new solution,” said Chris Comparato, Toast CEO.
Toast offers an Android POS platform. The company plans to expand its product depth in the foodservice space, alongside developing additional integrations and APIs and increasing the breadth of coverage of restaurant technology needs.
Toast was founded by three entrepreneurial MIT graduates, Steve Fredette, Aman Narang, and Jon Grimm, who met at Boston-based enterprise software company, Endeca.
The founders started with a mobile payments app for restaurants but quickly learned that, for restaurants to adopt new technology and for consumers to have the best possible experience, they would need to start with point-of-sale systems themselves. Toast’s 170 employees are located across the United States.
Toast is an all-in-one restaurant technology platform. Built specifically for restaurants, it brings together many solutions from integrated online ordering to gift card and loyalty programs to labor and sales reporting all on a mobile, cloud-based POS system.