Toast, Inc.

Last updated
Toast, Inc.
Company type Public company
Industry Point of sale
Founded2012;12 years ago (2012)
Founders
  • Steve Fredette
  • Aman Narang
  • Jon Grimm
Headquarters Boston, Massachusetts, U.S.
Area served
United States
Key people
  • Aman Narang (CEO)
  • Debra Chrapaty (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
4,500 (Dec 2022)
Website www.toasttab.com
Footnotes /references
[1] [2]

Toast, Inc. is an American 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 2015 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. Archived from the original on June 11, 2016. Retrieved May 26, 2016.
  2. ↑ "Toast, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2022. Archived from the original on 8 May 2022. Retrieved 8 May 2022.
  3. ↑ Kirsner, Scott (December 26, 2012). "Testing out Toast, new mobile app that helps diners keep an eye on the tab". Boston.com. Archived from the original on November 25, 2020. Retrieved May 26, 2016.
  4. ↑ Chernova, Yuliya (2020-02-14). "Payments Tech Provider Toast Raises $400 Million at $4.9 Billion Valuation". Wall Street Journal. ISSN   0099-9660. Archived from the original on 2021-01-14. Retrieved 2020-02-20.
  5. ↑ "Software Maker Toast Raises Funds at $4.9 Billion Valuation". Bloomberg.com. 2020-02-14. Archived from the original on 2021-01-14. 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. Archived from the original on May 24, 2022. Retrieved May 24, 2022.
  7. ↑ "Letter From the CEO on COVID-19 Impact | Toast POS". pos.toasttab.com. Archived from the original on 2020-04-08. Retrieved 2020-04-08.
  8. ↑ Levy, Ari (2020-11-24). "Restaurant tech start-up Toast soars to $8 billion valuation seven months after cutting half its staff". CNBC. Archived from the original on 2020-11-24. 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. Archived from the original on 2021-09-22. Retrieved 2021-09-22.
  10. ↑ Megaw, Nicholas; Kruppa, mILES (22 September 2021). "Toast whets appetite for consumer IPOs with $20bn stock market debut". Archived from the original on 22 September 2021. Retrieved 22 September 2021.
  11. ↑ umeshell (2023-02-17). "Restaurant tech firm Toast acquires Delphi Display Systems". Verdict Food Service. Archived from the original on 2023-02-17. 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 . Archived from the original on May 11, 2023. Retrieved May 11, 2023.
  13. ↑ Natalie Gagliordi (March 3, 2020). "POS maker Toast launches dedicated hardware suite based on Android". ZD Net. Archived from the original on June 9, 2022. Retrieved June 9, 2022.
  14. ↑ Aaron Pressman (April 25, 2023). "New on the menu for Toast? Reservations". The Boston Globe . Archived from the original on May 11, 2023. Retrieved May 11, 2023.
  15. ↑ Conti, Katheleen (May 19, 2016). "New England startups honored by venture capital group". The Boston Globe. Archived from the original on January 13, 2021. Retrieved May 26, 2016.
  16. ↑ "Toast, Inc. Review". Better Business Bureau. Archived from the original on 2016-08-28. Retrieved 2016-08-12.
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