Toast, Inc. is a cloud-based restaurant management software company based in
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
,
Massachusetts
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. 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
—initially created a consumer app centered for mobile payments, customer loyalty, promotions, and social aspects that integrated with restaurants’ existing POS systems.
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.
, Toast is used in approximately 62,000 US restaurants.
In April 2020, Toast laid off 50% of its workforce due to the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
and its economic impact on the restaurant industry.
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. On September 22, 2021, Toast went public with an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
under the stock symbol TOST. The company offered shares at $40 initially, with a market capitalization of roughly $20 billion, making it one of 2021's largest American IPOs.
In February 2023, it was announced Toast had acquired the
Costa Mesa
Costa may refer to:
Biology
* Rib (Latin: ''costa''), in vertebrate anatomy
* Costa (botany), the central strand of a plant leaf or thallus
* Costa (coral), a stony rib, part of the skeleton of a coral
* Costa (entomology), the leading edge of th ...
-headquartered producer of digital display solutions and drive-thru technology for
quick-service restaurants (QSRs), Delphi Display Systems.
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.
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.
References
External links
*
{{Finance links
, name = Toast, Inc.
, symbol = TOST
, sec_cik = 1650164
, google = TOST:NYSE
, yahoo = TOST
Companies based in Boston
Companies listed on the New York Stock Exchange
Payment systems
Point of sale companies
Android (operating system) software
Mobile technology
Business software
Cloud computing providers
Technology companies of the United States
Customer loyalty programs
2021 initial public offerings