Toast, Inc.
Cloud-based restaurant software company
From Wikipedia, the free encyclopedia
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.
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.jpg) Headquarters in Seaport District | |
| Type | Public |
|---|---|
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| Industry | Point of sale |
| Founded | 2012 |
| Founders |
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| Headquarters | Boston, Massachusetts, U.S. |
Area served | United States |
Key people |
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| Products | Cloud-based point of sale systems for restaurants and bars |
| Revenue |  US$4.96 billion (2024) |
| US$16 million (2024) | |
| US$19 million (2024) | |
| Total assets | US$2.41 billion (2024) |
| Total equity | US$1.55 billion (2024) |
Number of employees | 5,700 (2024) |
| Website | www |
| Footnotes [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 June 2024[update], Toast is used in approximately 120,000 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 had 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 that Toast had acquired Delphi Display Systems, a Costa Mesa-headquartered producer of digital display solutions and drive-thru technology for fast-food restaurants.[11]
Toast headquarters were located at Landmark Center from 2015 until June 2023.[12] The company moved into its new headquarters on Summer Street in the Seaport District in early 2024.[13]
Products
First launched in 2012, 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.[14]
The company started supporting reservations in April 2023, entering into competition with OpenTable and Resy.[15]
Recognition
See also
- Chowly, Inc.
- Square (financial services)