Toast, Inc. is a cloud-based restaurant management software company based in

Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts, as well as the cultural and financ ...

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

. The company provides an all-in-one point of sale (POS) system built on the

Android operating system Android is a mobile operating system based on a modified version of the Linux kernel and other open-source software, designed primarily for touchscreen mobile devices such as smartphones and tablets. Android is developed by a consortium of deve ...

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 Bessemer Venture Partners (Bessemer) is an American venture capital firm. The firm has over $19 billion under management and invests globally, with offices in San Francisco, Redwood City, New York City, Boston, Israel, India, and London. Besseme ...

and

TPG TPG may refer to: Companies * Geneva Public Transport (french: transports publics genevois), public transportation system operator in canton of Geneva, Switzerland * TNT Post Group (TPG), a former Dutch transportation company, renamed TNT N.V. ...

, 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 identified ...

and its economic impact on the restaurant industry. In November 2020, Toast has a

secondary sale In finance, the private-equity secondary market (also often called private-equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private-equity and other alternative investment funds. Given th ...

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 ...

-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

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 A receipt (also known as a packing list, packing slip, packaging slip, (delivery) docket, shipping list, delivery list, bill of the parcel, manifest, or customer receipt) is a document acknowledging that a person has received money or propert ...

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