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

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Updated 41 mins ago - Politics & Policy

Biden seeks $2 trillion clean energy and infrastructure spending boost

Photo: Timothy A. Clary/AFP via Getty Images

Joe Biden expanded his energy and climate plans Tuesday with a call for spending $2 trillion over four years on climate-friendly infrastructure — a proposal the campaign is casting as part of a wider economic recovery package.

Why it matters: The plan, which is the focus of a speech Biden will deliver this afternoon, represents a long-anticipated plan to move his climate platform further left and make it more expansive.

2 hours ago - Health

4 former CDC heads say Trump's undermining of agency puts lives at risk

CDC director Robert Redfield and President Trump. Photo: Drew Angerer/Getty Images

Four former directors of the Centers for Disease Control and Prevention blasted the Trump administration's "repeated efforts to subvert" agency guidelines related to reopening schools, accusing the White House in a scathing Washington Post op-ed of undermining science with "partisan potshots."

Why it matters: Former directors Tom Frieden, Jeffrey Koplan and David Satcher and acting head Richard Besser served in parts of the Obama, Bush and Clinton administrations. They said they "cannot recall over our collective tenure a single time when political pressure led to a change in the interpretation of scientific evidence."

Chinese students at U.S. colleges face deep uncertainty

Illustration: Annelise Capossela/Axios

A new visa guideline issued last week would strip international students in the U.S. of their student visa if their college classes are online-only amid the pandemic.

Why it matters: More than 360,000 Chinese students are enrolled at U.S. colleges. Many of them could be forced to return to China if the rule change is implemented.