In a round led by Bessemer Venture Partner, Toast, a point-of-sale service for restaurants, raised $30M in funding today. Google Ventures was also one of the investors.
Toast currently has over 1000 customers. The service operates on Android tablets. It competes with other providers like Shopkeep and Square. Toast’s edge is that it will provide more than just a point-of-sale service.
Chris Comparato, Toast’s Chief Executive Officer, said that the financing can help them achieve two things: expansion of sales and marketing across the US, and expanding the company’s development and research efforts. The money can really help them as these projects require the company to increase its headcount which is already over 170 employees.
The company’s goal for this year (2016) is to add a suite of tools that will allow Toast to integrate with other applications. This means that while Toast can function as a delivery or a point-of-sale tool, they won’t force restaurants to rely on their primary services, and instead work on integrating with other services for more functionality.
Source: http://techcrunch.com/2016/01/05/toast-a-point-of-sale-service-for-restaurants-raises-30m/
