A toast to funding rounds: Restaurant management startup raises $115m
Yesterday, TechCrunch reported that restaurant management startup Toast raised $115m at a $1.4B valuation to help restaurants streamline productivity, so servers know when to 86 the special for their 4-top (that’s some restaurant lingo for ya).
Putting some cheddar on that toast
Founded in 2011 as a point-of-sale business, the company has since expanded their services and increased their revenue by 150% in the past year.
The new funding will help Toast move further away from the POS industry and offer a whole kitchen of digital tools to help restaurants operate more efficiently in both the front and back of house.
They’re pulling a few rabbits out of their chef hats
Toast already helps restaurants kick off their loyalty programs and online ordering systems and, according to the company’s CFO Tim Barash, the company is working on a product on the labor side of the table.
If all goes well, the Toast of the future will help with hiring and reduce heavy turnover that has plagued the restaurant biz since the beginning of time.