Toast, Inc.

Toast, Inc.
Industry Point of sale
Founded 2012
Founders Steve Fredette, President
Aman Narang, President
Jon Grimm, CTO.[1]
Headquarters Boston, Massachusetts
Area served
 United States
Key people
 Chris Comparato, CEO
Products Cloud-based point of sale systems for restaurants and bars
Number of employees
 1,000 (2018)
Website pos.toasttab.com

Toast, Inc. is a cloud-based restaurant software company based in Boston, Massachusetts. The company provides a restaurant management and point of sale (POS) system built on the Android operating system. Toast was founded in Cambridge, Massachusetts in 2012 by Steve Fredette, Aman Narang, and Jonathan Grimm. In 2016, Toast received $30 million in a round of Series B funding from Bessemer Venture Partners and GV, formerly Google Ventures.[2] Toast is used in a thousand restaurants, from small cafes to nationwide enterprises, across the U.S.[3]

History

Toast founders Steve Fredette, Aman Narang, and Jonathan Grimm met at software company Endeca after graduating from MIT in Cambridge, MA. After Endeca was acquired by Oracle in 2011, they left to start Toast.[4] Grimm, Narang, and Fredette initially created a consumer app centered for mobile payments, customer loyalty, promotions, and social aspects that integrated with restaurants’ existing POS systems.[5]

The company started to realize that restaurants had far more needs than just being able to accept payments using a phone or tablet. The company pivoted to a full restaurant technology platform, with solutions for POS, online ordering, gift cards, analytics and other features. Two years later, the company signed over 1,000 merchants across the United States and grew to more than 120 employees, requiring the company to upgrade its space from 7,000 square feet in Cambridge to 40,000 square feet at the Hatch Fenway co-working space.[6][7][8][9]

In 2013, Toast received investments from several Boston executives, including former CEO of Endeca Steve Papa, who now serves as a board member for the company.[10]

In early 2015, Toast announced Chris Comparato as its chief executive officer. Comparato previously served as senior vice president of customer success at Acquia and senior vice president of worldwide customer solutions at Endeca. In August, Toast announced that they signed 1,000 customers in under two years, revealing 550% year-over-year growth.[11] In November, Toast released its first restaurant report, which analyzed the market for restaurant technology as well as restaurant owners’ challenges and preferred technology features.[12]

In January 2016, Toast received $30 million in a round of Series B funding from Bessemer Venture Partners and GV, previously known as Google Ventures and an Alphabet company.[13][14] The funding was led by BVP partner Kent Bennett and general partner and Android co-founder Rich Miner.[15] Several undisclosed investors also participated in the round.

In February 2018, Needham-based TripAdvisor partnered with Toast Inc.[16]

In July, 2018 the company became one of the unicorn startup companies after a Series D round of financing raising $115 million, and valuing the company at $1.4 billion.[17]

Products

Toast's restaurant management system operates on the Android operating system. The backend can be managed via mobile device or via Web browser in real-time. Associated hardware includes a receipt printer, cash drawer, kitchen display screen, and magstripe card reader.

Recognition

In 2015, Merchant Maverick named Toast one of the best POS systems for pizza parlors.[18] In 2016, Toast was recognized as a "notable player in the restaurant technology landscape" by PYMNTS.com.[19]

In May 2016, the New England Venture Capital Association (NEVCA) named Toast the winner of the Hottest Startup: A+ at the 2016 NEVY awards.[20][21]

See also

References

  1. ↑ Farrell, Michael (September 22, 2013). "Cambridge firm is fertile ground for entrepreneurs". Boston Globe.
  2. ↑ Engel, Jeff (January 5, 2016). "Toast, From Endeca Vets, Orders Up $30M For Restaurant Software". xconomy.
  3. ↑ Woodward, Curt (August 7, 2015). "Restaurant tech startup Toast raising more money as it hits 1,000 customers". Beta Boston.
  4. ↑ Farrell, Michael (September 22, 2013). "Cambridge firm is fertile ground for entrepreneurs". Boston Globe.
  5. ↑ Kirsner, Scott (December 26, 2012). "Testing out Toast, new mobile app that helps diners keep an eye on the tab". Boston.com.
  6. ↑ Martin, Dylan (September 9, 2015). "Here's Why Toast is Becoming a Serious Contender in the Restaurant POS Market". BostInno.
  7. ↑ Kirsner, Scott (July 7, 2015). "Restaurant tech startup Toast surpasses 100 employees, gets ready to move". Beta Boston.
  8. ↑ "Toast Pops Up in The Fenway: Hatch's First Tenant Moves In". The Fenway.
  9. ↑ "One of Fenway's Most Historic Buildings Gets an Innovative New Coworking Space". bostinno.streetwise.co. Retrieved 2017-09-16.
  10. ↑ Papa, Steve (April 13, 2014). "Steve Papa, Endeca & The Entrepreneurial Spider Web Effect". Venture Fizz.
  11. ↑ Guerra, Bryan (October 27, 2015). "The Strategic Pivot: Interdependence vs. Modularity in Restaurant POS Systems". HBX Blog.
  12. ↑ "Restaurants Look to Upgrade Their Technology Within the Year". eMarkter. January 6, 2016.
  13. ↑ Yeung, Ken (January 5, 2016). "Toast raises $30 million for Android-powered point-of-sale-system to challenge Square". Venture Beat.
  14. ↑ Martin, Dylan (January 5, 2016). "Here's How Toast Landed $30M From Alphabet's GV & Bessemer". BostInno.
  15. ↑ Billings, Mike (January 6, 2016). "The Daily Startup: Toast Raises $30 Million for Restaurant POS Tech". The Wall Street Journal.
  16. ↑ O'Brien, Kelly J. (February 21, 2018). "TripAdvisor partners with Toast to boost restaurant ads business". Boston Business Journal. American City Business Journals. Retrieved June 11, 2018.
  17. ↑ Konrad, Alex. "Investors Slather A $1.4 Billion Valuation On Restaurant Software Maker Toast", Forbes, 2018-07-10. Retrieved on 2018-10-05.
  18. ↑ "Best POS Systems for Pizza Parlors". Merchant Maverick.
  19. ↑ "From Tablet to Table: The Democratization of Restaurant Payments". PYMNTS.com.
  20. ↑ Conti, Katheleen (May 19, 2016). "New England startups honored by venture capital group". The Boston Globe.
  21. ↑ "Toast, Inc. Review". Better Business Bureau.
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