US-based restaurant management technology firm Toast has raised $250m in a Series E funding round led by TCV and Tiger Global Management to expand its platform.

Other participants in the funding round include existing investors Bessemer Venture Partners, Lead Edge Capital and funds and accounts managed by T. Rowe Price Associates.

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The investment will allow the company solve some of the businesses’s challenges in the industry including engaging with customers, employing talented staff and improving operations and increasing profits.

TCV general partner David Yuan said: “At TCV, we invest in companies that have the potential to reshape entire industries. By providing restaurants of all sizes with access to innovative technology, Toast is levelling the playing field and leading the industry’s transition to the cloud.

“Our investment will enable Toast to extend their platform beyond point-of-sale and guest-facing technology, and in doing so, create a powerful SaaS platform with a superlative business model.”

Toast will invest in new guest marketing capabilities designed for this year to allow restaurateurs to give personalised offers and campaigns based on customers’ behaviour.

“At our core, we believe every restaurant should benefit from the massive investment we continue to make in restaurant technology.”

The company will also develop new products to simplify back-office operations and allow restaurateurs to recruit, hire, and retain staff this year.

Toast will use the investment to equip restaurants with access to new reporting capabilities and insights.

Toast CEO Chris Comparato said: “Last year we celebrated the five year anniversary of our first Toast customer, Barismo. Now with tens of thousands of restaurants powered by Toast – and nearly 1,500 employees serving our community – it’s impressive to see how far we’ve come.

“At our core, we believe every restaurant should benefit from the massive investment we continue to make in restaurant technology.”

It is planning to invest more than $1bn in research and development over the next five years.

Toast will use the investment to build software and hardware designed specifically for the restaurant industry.

The technology firm will focus on recruiting across research and development, customer success, sales, and marketing.