Company:Toast, Inc.
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| Type | Public company |
|---|---|
| Industry | Point of sale |
| Founded | 2012 |
| Founders |
|
| Headquarters | Boston, Massachusetts, U.S. |
Area served | United States |
Key people | |
| Products | Cloud-based point of sale systems for restaurants and bars |
| Revenue |  US$2.473 billion (2022) |
 US$−228 million (2021) | |
| US$−0.174 billion (2022) | |
| Total assets | US$1.741 billion (2022) |
| Total equity | US$1.1 billion (2021) |
Number of employees | 4,500 (Dec 2022) |
| Website | www |
| 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.
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
- ↑ 1.0 1.1 Farrell, Michael (September 22, 2013). "Cambridge firm is fertile ground for entrepreneurs". Boston Globe. https://www.bostonglobe.com/business/2013/09/22/out-endeca-new-crop-start-ups-take-shape/yQTwuTTK5bjHSlXJo4DPLM/story.html.
- ↑ "Toast, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/1650164/000165016422000009/tost-20211231.htm.
- ↑ Kirsner, Scott (December 26, 2012). "Testing out Toast, new mobile app that helps diners keep an eye on the tab". Boston.com. http://archive.boston.com/business/technology/innoeco/2012/12/testing_out_toast_new_mobile_a.html.
- ↑ Chernova, Yuliya (2020-02-14). "Payments Tech Provider Toast Raises $400 Million at $4.9 Billion Valuation" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/payments-tech-provider-toast-raises-400-million-at-4-9-billion-valuation-11581703530.
- ↑ "Software Maker Toast Raises Funds at $4.9 Billion Valuation" (in en). Bloomberg.com. 2020-02-14. https://www.bloomberg.com/news/articles/2020-02-14/software-maker-toast-raises-funds-at-4-9-billion-valuation.
- ↑ "Toast Inc. Q1 2022 Quarterly Report (Form 10-Q)". U.S. Securities and Exchange Commission. May 13, 2022. p. 20. https://www.sec.gov/ix?doc=/Archives/edgar/data/1650164/000165016422000031/tost-20220331.htm.
- ↑ "Letter From the CEO on COVID-19 Impact | Toast POS". https://pos.toasttab.com/covid-19-impact-ceo-letter.
- ↑ Levy, Ari (2020-11-24). "Restaurant tech start-up Toast soars to $8 billion valuation seven months after cutting half its staff" (in en). https://www.cnbc.com/2020/11/23/restaurant-tech-start-up-toast-worth-8-billion-in-employee-share-sale.html.
- ↑ Grothaus, Michael (2021-09-22). "Toast IPO: the restaurant software maker's TOST shares debut on the NYSE today". Fast Company. https://www.fastcompany.com/90679314/toast-inc-ipo-the-restaurant-software-makers-tost-shares-debut-on-the-nyse-today.
- ↑ Megaw, Nicholas; Kruppa, mILES (22 September 2021). "Toast whets appetite for consumer IPOs with $20bn stock market debut". https://www.ft.com/content/36111815-74a5-40ca-9348-e5e9391c0a1b.
- ↑ umeshell (2023-02-17). "Restaurant tech firm Toast acquires Delphi Display Systems" (in en-US). https://www.verdictfoodservice.com/news/toast-acquires-delphi-display-systems/.
- ↑ Aaron Pressman; Catherine Carlock (May 8, 2023). "Toast plans to vacate its Fenway headquarters, looks for new space". The Boston Globe. https://www.bostonglobe.com/2023/05/08/business/toast-plans-vacate-its-fenway-headquarters/.
- ↑ Natalie Gagliordi (March 3, 2020). "POS maker Toast launches dedicated hardware suite based on Android". https://www.zdnet.com/article/pos-maker-toast-launches-dedicated-hardware-suite-based-on-android/.
- ↑ Aaron Pressman (April 25, 2023). "New on the menu for Toast? Reservations.". The Boston Globe. https://www.bostonglobe.com/2023/04/25/business/new-menu-toast-reservations/.
- ↑ Conti, Katheleen (May 19, 2016). "New England startups honored by venture capital group". The Boston Globe. https://www.bostonglobe.com/business/technology/2016/05/19/new-england-startups-honored-group/rvmEizDEKWCYu8zxWBj1mL/story.html.
- ↑ "Toast, Inc. Review". Better Business Bureau. http://www.bbb.org/boston/business-reviews/point-of-sale-systems/toast-inc-in-boston-ma-164973/.
External links
- Official website
- Business data for Toast, Inc.:
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