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.