POS vendor Toast raises $400 million at $4.9 billion valuation

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. "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.