Boston-based restaurant technology company Toast has secured a $250 million Series E round of funding, the company confirmed today, less than a year after its last huge raise. The new influx of capital pushed Toast’s total valuation to $2.7 billion. The investment was lead by TCV and Tiger Global Management, and included participation by several other existing investors including Bessemer Venture Partners and Lead Edge Capital.
As part of the announcement, Toast outlined plans to invest $1 billion in research and development efforts over the next five years to build up the suite of products that it offers to its restaurant customers. While best known for its point-of-sale system, Toast’s offerings also include marketing and workforce management capabilities.
Specifically, Toast will use the new round of funding to upgrade its data reporting capabilities for restaurateurs, invest in more hardware development following last year’s successful launch of handheld POS system Toast Go, as well as launch new products to increase staff retention and better equip restaurateurs to effectively handle labor management. Toast also plans to develop more personalized guest marketing tools for restaurants.