Toast, Inc.

For other uses, see Toast (disambiguation).

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.

Toast, Inc.

Company type	Public
Traded as	NYSE: TOST (Class A) Russell 1000 component
Industry	Point of sale
Founded	2012; 13 years ago (2012)
Founders	Steve Fredette Aman Narang Jon Grimm
Headquarters	Boston, Massachusetts, U.S.
Area served	United States
Key people	Aman Narang (CEO) Debra Chrapaty (CTO)
Products	Cloud-based point of sale systems for restaurants and bars
Revenue	US$4.96 billion (2024)
Operating income	US$16 million (2024)
Net income	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.toasttab.com
Footnotes / references [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 quick-service restaurants (QSRs).^[11]

Toast headquarters were located at Landmark Center from 2015 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]