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§ Public · Boston, MA, USA
Toast is a technology company.
Toast has raised $1.0B across 8 funding rounds.
Key people at Toast.
Toast has raised $1.0B in total across 8 funding rounds.
Toast offers a comprehensive cloud-based restaurant management platform, centered on a powerful point-of-sale system. This integrated solution seamlessly connects front-of-house, back-of-house, and online operations. Its modular offerings include payment processing, online ordering, inventory, and staff management, leveraging hardware and Android software for restaurant needs.
Founded in 2012 by Steve Fredette, Aman Narang, and Jon Grimm, Toast began with consumer mobile payments. They soon identified a greater need for integrated technology across the restaurant industry. They built a unified operating system to centralize critical functions. Aman Narang currently leads the company as CEO.
Toast serves many restaurant types, from quick-service to fine dining, across the United States. Its technology enables businesses to optimize daily operations, improve guest experiences, and manage functions efficiently. The company envisions itself as an indispensable technology partner, empowering operators to adapt to market shifts and foster prosperity.
Toast, Inc. is a Boston-based technology company providing a cloud-based, all-in-one digital platform for restaurant management, including point-of-sale (POS) systems, payments, operations, digital ordering, marketing, loyalty programs, and team management.[1][2][3] It serves the entire restaurant community—from independent eateries to chains—across dine-in, takeout, delivery, catering, and retail models, solving operational inefficiencies by streamlining front- and back-of-house processes to boost revenue, enhance guest experiences, and improve profitability.[1][2][3] As of June 2024, Toast powers about 120,000 U.S. restaurants, with strong growth fueled by Android-based hardware like Flex terminals, Tap payment processors, and integrated tools for inventory, payroll, and AI-driven analytics.[1][3]
Toast was founded in 2011 in Boston, Massachusetts, by Steve Fredette, Aman Narang, and Jonathan Grimm, who initially built a consumer app for mobile payments, customer loyalty, promotions, and social features that integrated with existing restaurant POS systems.[1][3] The idea evolved into a full restaurant management platform launched in 2012 on the Android operating system, addressing fragmented legacy systems in the food service industry.[1][3] Key early traction included winning the Hottest Startup: A+ award from the New England Venture Capital Association in 2016; pivotal funding came in February 2020 with a $400 million Series F round led by Bessemer Venture Partners and TPG, valuing the company at $4.9 billion.[3] Milestones like acquiring Delphi Display Systems in 2023 for drive-thru tech and moving to new Seaport District headquarters in 2024 underscore its scaling trajectory.[3]
Toast stands out in the crowded restaurant tech space through these key strengths:
Toast rides the wave of digital transformation in hospitality, accelerated by post-pandemic shifts to contactless payments, online ordering, delivery, and data-driven operations amid labor shortages and rising costs.[1][2] Its timing aligns perfectly with cloud adoption and fintech integration in fragmented restaurant tech, where legacy POS systems lag; Toast's Android foundation and expansions like drive-thru displays position it against rivals like Square.[3] Market forces favoring Toast include booming U.S. food service demand (120,000+ locations by 2024) and AI enhancements for personalization.[1][3] It influences the ecosystem by standardizing "restaurant operating systems," enabling independents to compete with chains and fostering integrations that elevate industry-wide efficiency.
Toast's momentum—fueled by SaaS expansion, acquisitions, and AI analytics—positions it for deeper penetration into global markets and enterprise segments, potentially surpassing 150,000 locations soon.[1][3] Trends like AI personalization, embedded finance, and omnichannel experiences (e.g., advanced delivery/reservations) will shape its path, while economic recovery boosts restaurant tech spend. Its influence may evolve from U.S. disruptor to global standard-setter, empowering more operators to thrive amid volatility. From its roots as a mobile payments app, Toast exemplifies how targeted tech solves real-world pain points in a trillion-dollar industry.[2][3]
Key people at Toast.
Toast has raised $1.0B in total across 8 funding rounds.
Toast's investors include Bessemer Venture Partners, Greenoaks Capital, Tiger Global, TPG, 9Yards Capital, Alpaca VC, Battery Ventures, Boldstart Ventures, BoxGroup, Canaan Partners, Cedar Capital Group, Citi Ventures.
Toast has raised $1.0B across 8 funding rounds. Most recently, it raised $400.0M Series F in February 2020.
