Toast, a restaurant point-of-sale (POS) has announced it closing $30 million in Series B round of funding led by Bessemer Venture Partners along with other investors that include GV and other unnamed private investors.
Founded in 2011, the startup Toast offers a mobile POS system for restaurant, bars and other food and beverage establishments. It services of the startup helps in improving customer loyalty, track sales, enabling gift cards and help in viewing reports on labor and sales right on a mobile device for any restaurants. The company claims to have more 1,400 customer establishments across 43 states in the U.S.
Chris Comparato, CEO of Toast said, “We have the opportunity to dramatically improve the restaurant experience through technology and our customer traction to date shows the industry is ready for a new solution. We have been growing 4-times year-over-year and are excited to continue investing in great people, great products and great customers.”
With the fresh funds, the Toast plans to boost its growth by strengthening its team, product innovations and customers success. It also has plans to improve its add-ons like online ordering and put more resources behind its developer API. It is soon to develop tools for its enterprise customers and invest in multiple payment solutions. Lastly, it will work to make improvements to its core products to make it more restaurant-friendly.
Kent Bennett, partner at Bessemer Venture Partners, adds, “Above all, we love Toast’s obsessive focus on delighting their customers. Building great software is hard, but building an organization that makes sure software users are successful is even harder, and that’s the constant focus of the Toast team.”
The startup Toast experienced exponential growth last year. The company recently announced the signing of 1,000 customers in five quarters and its deployment to fast casual restaurant chain Costa Vida, which operates in more than 75 locations. The Android POS platform offers the flexibility, customizability and durability for both software and hardware to stand.