The raise comes about eight months after Toast reached unicorn status when it brought in $115 million in a Series D that included participation from Tiger Global, T. Rowe Price, and Eight Roads Ventures. (Read more about that here.) It also takes the Boston company’s total raised since its inception in 2011 to just under $500 million.
While Toast did not give exact revenue numbers, it did note in its press release that revenue grew by 148 percent in 2018. The company isn’t releasing specific metrics around growth in ARR, but Toast Senior Vice President of Marketing Kevin Hamilton told Crunchbase News that it was “roughly the same” last year. It’s that kind of impressive growth that new investor TCV found particularly appealing.
TCV General Partner David Yuan said his firm has been watching the company over the past few years and has been impressed with its ability to move from a POS (point-of-sale) product to an operating system for a restaurant, with both front office and back office functionalities. The evolution has resulted in a number of different revenue streams for the company.