Restaurant point of sale and back-office management provider Toast has received $115 million in Series D funding that the company plans use to develop technology and expand its market.

Boston-based Toast provides U.S. restaurants with an Android-based POS system with a mobile ToastGo card reader, while also providing back-office tools for mobile ordering acceptance through the Toast Kitchen Display System.

"The way restaurants serve their customers is going through a fundamental change, and the technology that enables restaurant operations must respond to these new demands, and Toast does this," Henry Ellenbogen, portfolio manager of funds advisor T. Rowe Price New Horizons Fund — one of the investors in Toast — said in a Tuesday press release.

"Our investment in Toast reflects our belief in the firm's ability to become much larger over time," Ellenbogen added.

During the past year, Toast says its revenue has increased 150% through a growing list of clients that includes Jamba Juice, Sepia, WaBa Grill, The Pizza Press and others.

"With close to $800 billion in annual sales and representing nearly 15 million jobs in the U.S., the restaurant industry is a powerful contributor to local economies," Christopher Comparato, CEO of Toast, said in the release.

"As restaurant owners and operators navigate shifting consumer expectations driven by mobility and personalization, they're selecting Toast as their platform of choice to deliver a guest-first and data-driven experience that increases revenue, streamlines operations and delights guests," Comparato added.

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