Toast, makers of a point-of-sale system for restaurants, said it has raised $400 million in Series F funding at a $4.9 billion valuation. The round was led by investors including Bessemer Venture Partners and TPG, in addition to Tiger Global Management and Greenoaks Capital, according to a statement.
The Boston-based company said the valuation is representative of its growth over the last year, during which revenue increased 109%.
Toast said it plans to leverage the financing to reinvest in its technology platform, and make enhancements targeted to the evolving needs of the restaurant industry.
Toast's technology platform combines restaurant POS, front-of-house, back-of-house and guest-facing technology with a bevy of third-party applications. The company claims that over one dozen restaurants join Toast every hour, giving it ever increasing market share in the $900 billion restaurant industry.
"As a result of our tremendous growth and commitment to the restaurant industry, we have continued to see a significant amount of demand from the investor community," said Chris Comparato, CEO at Toast. "As the clear platform leader in the restaurant space, we are excited to use this investment to extend our capabilities and drive a bigger impact for the restaurant industry."
Toast raised 250 million in April at a $2.7 billion valuation.