Toast, a Boston-based restaurant management platform, raised $250 million in Series E funding co-led by TCV and Tiger Global Management at a $2.7 billion post-money valuation.

Why it matters: Restaurant margins continue to be stagnantly narrow, despite the industry's top-line revenue growth.

  • Returning investors include Bessemer Venture Partners and T. Rowe Price. The company now has raised a total of around $500 million, including a $115 million Series D round last summer at a $1.4 billion post-money valuation.
  • The bottom line: "As with the likes of Square, Lightspeed POS, and TouchBistro, Toast is much more than a simple [point-of-sale] technology provider: it's essentially a one-stop shop restaurant management platform, spanning front-of-house, back-of-house, online, and customer loyalty programs. It also serves up data and analytics covering trends such as sales patterns." — Paul Sawers, VentureBeat

Go deeper

Virginia Gov. Ralph Northam tests positive for coronavirus

Photo: Zach Gibson/Getty Images

Virginia Gov. Ralph Northam (D) and his wife, Pamela, both tested positive for coronavirus, his office announced on Friday.

The state of play: The Northams were tested after one of their staff "who works closely within the couple's living quarters" tested positive. The governor is asymptomatic, while his wife is "experiencing mild symptoms." They plan to isolate at home for 10 days.

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31 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

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Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

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