Toast, Inc.

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.

For other uses, see Toast (disambiguation).
Toast, Inc.
TypePublic company
IndustryPoint of sale
Founded2012 (2012)
Founders
  • Steve Fredette
  • Aman Narang
  • Jon Grimm
HeadquartersBoston, 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
RevenueIncrease US$2.473 billion (2022)
Decrease US$−228 million (2021)
Increase US$−0.174 billion (2022)
Total assetsIncrease US$1.741 billion (2022)
Total equityIncrease US$1.1 billion (2021)
Number of employees
3,172 (Dec 2021)
Websitewww.toasttab.com
Footnotes / references
[1][2]

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]

References
  1. 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.
  • Official website
  • Business data for Toast, Inc.:
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.