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Toast raises $115M in Series D funding round

Toast, a restaurant management platform that includes a mobile POS device called Toast Go, has raised $115 million in Series D funding to accelerate investment in research and development, recruit new talent, and expand its market presence, according to a press release.

The financing round, led by funds and accounts advised by T. Rowe Price Associates, with participation from new investor Tiger Global Management LLC – as well as existing investors – values Toast at $1.4 billion. 

"The way restaurants serve their customers is going through a fundamental change, and the technology that enables restaurant operations must respond to these new demands. Toast does this," Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, said in the press release. "Our investment in Toast reflects our belief in the firm's ability to become much larger over time. We look forward to working with Toast's management team as they help their clients and grow the business."