Toast, a digital restaurant management platform, has raised $250 million in Series E funding led by TCV and Tiger Global Management, providing a valuation of $2.7 billion, according to a company release.

The funding round includes existing investors Bessemer Venture Partners, Lead Edge Capital, and funds managed by T Rowe Price Associates Inc.

The investment will be used to expand the Toast platform beyond its existing guest-facing and point-of-sale technology to develop a software-as-a-service platform, David Yuan, general partner at TCV, said in the release.

The company is also using the funding to expand hiring.

Toast says the number of restaurants that chose its platform more than doubled in the past year, with brands including Jose Andres ThinkFoodGroup, Tartine Bakery, Joe Coffee Co. and Eggs Up Grill.

The company plans to spend about $1 billion in the next five years to help restaurants develop highly personalized offers and targeted campaigns based on guest behavior; tools to help restaurants strengthen back office operations for recruiting and retaining employees; and analytics tools that can be used from anywhere.