附近上门

Restaurant management startup raised $400 million in a new round of funding, boosting its valuation to $4.9 billion.

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, , , and led the round, which brings Toast鈥檚 total funding to around, according to 附近上门.

Toast was last valued at about $2.75 billion after it raised $250 million in its funding round in March 2019. It also counts firms such as and as investors.

The new funding will be used to invest in new products across hardware, software, and financial services to address pain points in the restaurant industry, according to chief financial officer Tim Barash.

鈥淲e鈥檙e going to be innovating in helping the entire community whether it鈥檚 merchants, whether it鈥檚 guests, whether it鈥檚 employees of the restaurants, to be successful,鈥� Barash said in an interview with 附近上门 News.

The company will also be hiring hundreds of, if not more than a thousand, new employees as well, Barash said. Toast, which was founded in 2013, is based in Boston and has offices in Dublin, Ireland; Omaha, Nebraska, and Chicago, Illinois.

IPO on the horizon?

鈥淭ens of thousands鈥� of new restaurants joined Toast鈥檚 platform last year, and the company鈥檚 revenue grew 109 percent as a result, according to a statement. Barash declined to give a specific figure of how many restaurants were part of the Toast community, but also said it was 鈥渢ens of thousands.鈥�

As for what鈥檚 next for the company, Barash said Toast will be focused on its product offerings in the immediate future.

鈥淚 think in the next few years it will be a goal to go public,鈥� Barash said. 鈥淚 think when that is will depend on market context and focus for the Toast team.鈥�

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