Feb 14 (Reuters) – Toast Inc, a cloud-based restaurant software company, said on Friday it raised $400 million in a funding round led by investment firms TPG and Tiger Global Management among others, taking its valuation to $4.9 billion.
The Boston-based firm, whose revenue more than doubled last year, serves restaurateurs ranging from those opening their first restaurant to enterprise brands scaling hundreds of locations.
The company said it would use the funds to invest in new products, software and hardware, and financial products that help restaurateurs grow their businesses. It launched Toast Capital, a restaurant funding service, in November.
The series F funding was also led by Bessemer Venture Partners and Greenoaks Capital, with Durable Capital Partners LP also taking part.
(Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)