Toast is a restaurant-focused management platform built exclusively for restaurants, combining point-of-sale, operations, guest engagement, hardware and software. Launched in 2013, the company says tens of thousands of restaurants use its platform. In 2019 Toast reported revenue growth of 109% as many new restaurants joined the Toast community. The company plans to invest its recent raise into its technology platform, building new products to deepen guest connections and increase restaurant revenue. It will also expand hardware and software to speed service, streamline the guest experience, reduce operational costs, and add capabilities to improve employee experience and reduce turnover. Toast plans to develop financial products to provide quick and reliable access to funding to help restaurateurs grow. Toast offers a full restaurant management platform including point-of-sale services, reporting and analytics, kitchen display systems, online ordering and delivery interfaces, loyalty programs, and built hardware such as handheld order pads, payment/order terminals, self-service kiosks and guest displays. It integrates with a network of roughly 100 partners, including Grubhub, to stitch third-party services into its platform. Toast serves tens of thousands of businesses and processed transactions in the tens of billions of dollars, reporting about 148% revenue growth in the last year while not disclosing absolute revenue or profitability. The company says it will use new funding to build technology for marketing, recruitment and operational efficiency and to consider expanding into territories outside the U.S. Toast has committed about $1 billion over the next five years to R&D to develop more hardware and software. Leadership notes that roughly 70% of employees have worked in the food service industry, which the company says helps product development and customer understanding. Toast is a restaurant management platform that combines an Android-based point-of-sale with front-of-house, back-of-house, guest-facing technology and a third-party app marketplace. Launched in 2013 and headquartered in Boston with offices including Dublin, Toast serves tens of thousands of restaurants across all 50 states. The company reported revenue growth of 150% over the past year and employs more than 1,000 people in over 30 states. Core products include the Toast Go mobile POS, a Kitchen Display System, and guest feedback applications under development to help restaurants increase revenue and streamline operations. Toast plans to accelerate investment in research and development, recruit new talent, and expand its market presence globally. Customers cited in the announcement include Jamba Juice, WaBa Grill, Hattie B’s, and B.GOOD. Toast is a Boston-based restaurant technology platform that offers a mobile, cloud-based point-of-sale system integrating front-of-house, back-of-house, online ordering, gift card and loyalty programs. The platform includes labor and sales reporting and supports integrations across operational functions. Launched in 2013 and led by CEO Chris Comparato, Toast was founded by Steve Fredette, Aman Narang and Jonathan Grimm. The company serves customers including Costa Vida, Pieology, Bareburger and Jeni’s Splendid Ice Creams, among others. Toast has over 500 employees and plans to hire nearly 1,000 more over the next 18 months. It intends to use the new funds to invest in talent and expand product areas such as Toast Online Ordering, self-ordering kiosks, handheld pay-at-table experiences, CRM and marketing tools, advanced reporting, inventory and loyalty. Toast provides a cloud-based mobile point-of-sale platform for restaurants that integrates online ordering, gift card and loyalty programs, labor and sales reporting. The company was launched in 2013 and is led by CEO Chris Comparato; it was founded by MIT graduates Steve Fredette, Aman Narang, and Jon Grimm. Toast has more than 170 employees and serves thousands of restaurants across fine dining, fast casual, and national chains. The business focuses on combining payments, operations and customer-engagement tools in a single platform. Following the fundraise, the company plans to accelerate growth through hiring, product innovations, and customer success efforts. Toast is based in Boston, MA.

Total raised

$896M

Funding rounds

5

Latest round

Series F

Latest activity

Feb 2020