Restaurant management platform developer Toast today announced a $115 million investment that values the company at $1.4 billion.
T. Rowe Price Associates led the round, which included participation from Tiger Global Management and other existing investors.
Toast helps customers like Jamba Juice, Sepia, B.GOOD and others manage restaurant operations with Android-based products like a mobile point-of-sale device; back-of-house tech; and feedback applications. Revenue increased by 150 percent in the past year.
Toast, based in Boston, just opened new offices in Portland, Ore., and Omaha, Neb., adding to existing remote office in Dublin. The 1,000-person company plans to hire 30 people in Portland at its Pearl District office.
The restaurant industry is worth $800 billion, according to the National Restaurant Association. Many tech companies and restaurants themselves are investing heavily in technology that helps improve the speed, service, quality, delivery, and production of food.