News Contact Us

Toast valued at $2-7 billion after $250 million funding round

Author : Saipriya Iyer | Published Date : 2019-04-03 

Barash claimed that the company is planning to use some of the latest funding round cash for expanding the team as well as for R&D.

Toast, the Boston-based restaurant software company, recently reported that in a Series E funding round it has raised $250 million. The round was led by TCV and included other investors such as Tiger Global Management and various T.Rowe price funds.

As per official statement published by Toast, general partner of TCV, David Yuan, has been reported to say that TCV is interested in investing in organizations that are capable of reshaping industries. He said that giving restaurants of all sizes the ability to access innovative technology, Toast is levelling the playing field and helping the industry to transition to cloud.

Toast manufactures point-of-sale systems for eateries and other back office products that are focused on the dining experience, including online ordering and marketing tools. Its revenue increased by 148% and the firm is known to serve numerous restaurants of various sizes.

Tim Barash, CFO of Toast was reported to say that restaurants are going through immense change after a period of stagnancy. He said that there is rising interest from restaurants using technology for improving customer experience and retain employees.

According to reliable sources, restaurant technology needs a delicate equilibrium. As per reports, Toast does not prepare any kind of on-table tablet ordering devices which are available at a some chains and airports. However, Barash recognized the advantage of hand-held payments devices through which waiters can collect credit-card payments at table and a devoted self-ordering kiosk at a fast-casual establishment.

Barash claimed that the company is planning to use some of the latest funding round cash for expanding the team as well as for R&D. According to him, Toast has a large direct sales and service team which assists to ensure that Toast products are delivered directly to merchants. The company also depends on word of mouth advertising among restaurant owners.

Barash reportedly said that the company is not looking to get acquired and is planning for an initial public offering. The time for the same was not specified.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

Related News

Zymeworks partners with Ibrance and initiates Phase 2 trial

Published Date: 2020-01-14         Author: Saipriya Iyer

Zymeworks Inc., a Vancouver based clinical stage biopharmaceutical company that develops multifunctional therapeutics, has reportedly announced the commencement of Phase 2 trial that assesses ZW25 combination therapy. The company also announced that it has reached consensus on an agreement with Pfiz... Read More

Hikma and Arecor ink new deal to develop and market new medicines

Published Date: 2020-01-11         Author: Saipriya Iyer

Hikma Pharmaceuticals, a renowned UK based biopharmaceutical company, and Arecor, a biopharmaceutical firm advancing today’s treatments to enable healthier lives, have reportedly signed a new strategic agreement to develop a novel injectable medicine in the U.S. from Hikma’s subsidiary, ... Read More

Takata recalls 10mil air bag inflators as part of 2015 U.S. settlement

Published Date: 2020-01-09         Author: Saipriya Iyer

Japanese automotive parts manufacturing firm Takata Corporation has reportedly recalled close to 10 million front air bag inflators that were sold to 14 different automotive makers. These products pose a risk of exploding with extreme force and throw shrapnel. For the record, the 10 million infla... Read More

© 2020 Fractovia. All Rights Reserved