The company has raised $250 million.
Toast, a restaurant management platform, has raised $250 million in its latest funding round, which brings its valuation to $2.7 billion, according to a TechCrunch report.
The money will be used to build technology that will help restaurants with their marketing efforts and operational efficiency, among other things, according to the article.
Toast CFO Tim Barash attributes the company’s success in part to the fact that most of its employees have experience working in the foodservice industry, according to the article.
“I was first a busboy, and then I worked in pizza delivery for years,” Barash said, according to the article. “Seventy percent of our employees have worked at restaurants, including those in our product leadership, and that helps us understand the problem.”