 | |
.jpg) Headquarters inSeaport District | |
| Company type | Public |
|---|---|
| |
| Industry | Point of sale |
| Founded | 2012; 14 years ago (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$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 / references [1][2] | |
Toast, Inc. is an American cloud-based restaurant management software company based inBoston,Massachusetts. The company provides an all-in-onepoint of sale (POS) system built on theAndroid operating system.
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 ofSeries F funding includingBessemer Venture Partners andTPG, 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 theCOVID-19 pandemic and its economic impact on the restaurant industry.[7]
In November 2020, Toast had asecondary 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 aninitial 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, aCosta Mesa-headquartered producer of digital display solutions and drive-thru technology forfast-food restaurants.[11]
Toast headquarters were located atLandmark Center from 2015 until June 2023.[12] The company moved into its new headquarters onSummer Street in theSeaport District in early 2024.[13]
First launched in 2012, Toast's restaurant management system operates on theAndroid 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, andreceipt printer.[14]
The company started supporting reservations in April 2023, entering into competition withOpenTable andResy.[15]
In May 2016, the New England Venture Capital Association (NEVCA) named Toast the winner of the Hottest Startup: A+ at the 2016 NEVY awards.[16][17]