Toast, Inc.

Last updated
Toast, Inc.
Type Public company
Industry Point of sale
Founded2012;11 years ago (2012)
Founders
  • Steve Fredette
  • Aman Narang
  • Jon Grimm
Headquarters Boston, Massachusetts, U.S.
Area served
United States
Key people
  • Chris Comparato (CEO)
  • Aman Narang (COO)
  • Jon Grimm (CTO)
ProductsCloud-based point of sale systems for restaurants and bars
RevenueIncrease2.svg US$2.473 billion (2022)
Decrease2.svgUS$−228 million (2021)
Increase2.svgUS$−0.174 billion (2022)
Total assets Increase2.svgUS$1.741 billion (2022)
Total equity Increase2.svgUS$1.1 billion (2021)
Number of employees
3,172 (Dec 2021)
Website www.toasttab.com
Footnotes /references
[1] [2]

Toast, Inc. is a cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.

Contents

History

Toast's founders—Steve Fredette, Aman Narang, and Jonathan Grimm [1] —initially created a consumer app centered for mobile payments, customer loyalty, promotions, and social aspects that integrated with restaurants’ existing POS systems. [3]

In February 2020, Toast received $400 million in a round of Series F funding including Bessemer Venture Partners and TPG, at a valuation of $4.9 billion. [4] [5] As of March 2022, Toast is used in approximately 62,000 US restaurants. [6]

In April 2020, Toast laid off 50% of its workforce due to the COVID-19 pandemic and its economic impact on the restaurant industry. [7]

In November 2020, Toast has a secondary sale that valued the company at around $8 billion, despite laying off half of its employees in April. [8] On September 22, 2021, Toast went public with an initial public offering under the stock symbol TOST. [9] The company offered shares at $40 initially, with a market capitalization of roughly $20 billion, making it one of 2021's largest American IPOs. [10]

In February 2023, it was announced Toast had acquired the Costa Mesa-headquartered producer of digital display solutions and drive-thru technology for quick-service restaurants (QSRs), Delphi Display Systems. [11]

Toast headquarters were located at Landmark Center from 2013 until June 2023. [12]

Products

First launched in March 2020, Toast's restaurant management system operates on the Android operating system and includes four devices: Flex (a terminal available in single-screen, guest-facing and kitchen displays), Tap (a three-in-one payment processing device that supports contactless payments), Toast Hub, and receipt printer. [13]

The company started supporting reservations in April 2023, entering into competition with OpenTable and Resy. [14]

Recognition

In May 2016, the New England Venture Capital Association (NEVCA) named Toast the winner of the Hottest Startup: A+ at the 2016 NEVY awards. [15] [16]

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References

  1. 1 2 Farrell, Michael (September 22, 2013). "Cambridge firm is fertile ground for entrepreneurs". Boston Globe.
  2. ↑ "Toast, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2022.
  3. ↑ Kirsner, Scott (December 26, 2012). "Testing out Toast, new mobile app that helps diners keep an eye on the tab". Boston.com.
  4. ↑ Chernova, Yuliya (2020-02-14). "Payments Tech Provider Toast Raises $400 Million at $4.9 Billion Valuation". Wall Street Journal. ISSN   0099-9660 . Retrieved 2020-02-20.
  5. ↑ "Software Maker Toast Raises Funds at $4.9 Billion Valuation". Bloomberg.com. 2020-02-14. Retrieved 2020-09-09.
  6. ↑ "Toast Inc. Q1 2022 Quarterly Report (Form 10-Q)". SEC.gov. U.S. Securities and Exchange Commission. May 13, 2022. p. 20.
  7. ↑ "Letter From the CEO on COVID-19 Impact | Toast POS". pos.toasttab.com.
  8. ↑ Levy, Ari (2020-11-24). "Restaurant tech start-up Toast soars to $8 billion valuation seven months after cutting half its staff". CNBC. Retrieved 2020-11-24.
  9. ↑ Grothaus, Michael (2021-09-22). "Toast IPO: the restaurant software maker's TOST shares debut on the NYSE today". Fast Company . Retrieved 2021-09-22.
  10. ↑ Megaw, Nicholas; Kruppa, mILES (22 September 2021). "Toast whets appetite for consumer IPOs with $20bn stock market debut" . Retrieved 22 September 2021.
  11. ↑ umeshell (2023-02-17). "Restaurant tech firm Toast acquires Delphi Display Systems". Verdict Food Service. Retrieved 2023-02-17.
  12. ↑ Aaron Pressman; Catherine Carlock (May 8, 2023). "Toast plans to vacate its Fenway headquarters, looks for new space". The Boston Globe .
  13. ↑ Natalie Gagliordi (March 3, 2020). "POS maker Toast launches dedicated hardware suite based on Android". ZD Net. Retrieved June 9, 2022.
  14. ↑ Aaron Pressman (April 25, 2023). "New on the menu for Toast? Reservations". The Boston Globe .
  15. ↑ Conti, Katheleen (May 19, 2016). "New England startups honored by venture capital group". The Boston Globe.
  16. ↑ "Toast, Inc. Review". Better Business Bureau.
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