Toast Incorporated, a company founded in 2012, got its official start out of Cambridge, Massachusetts, with the intent to provide a point-of-sale (POS) software program to cater to the various needs of the restaurant industry. Now based in Boston, Massachusetts, the founders of this company include Steve Fredette, Aman Narang, and Jonathan Grimm. The trio met at a software company called Endeca after graduating from MIT of Cambridge. After Endeca was acquired by Oracle in 21011, Fredette, Narang, and Grimm left to form their own company named Toast. In this article, we have listed off 20 things we believe you may not know about Toast that you may find to be an interesting read.
1. Toast Receives $400 Million
In February 2020, the company known as Toast receives $400 million in funding that includes the involvement of Bessemer Venture Partners and Texas Pacific Group (TPG). What is classified as Series F Funding, the money received adds to the total valuation of Toast Inc. at $4.9 billion.
2. Over 40,000 Restaurants Served
Currently, over 40,000 restaurants use the software program provided by Toast Inc. Facilities such as little corner cafes to large scale dining facilities have chosen to use Toast's point-of-sale on a cloud software program. Franchises that feature food delivery services have found Toast's services invaluable and rely heavily on what the technology it provides can do.
In August 2015, Toast Inc. announced they have managed to sign over 1000 customers in less than two years, which showed a 550% year-over-year growth. According to Merchant Maverick, what Toast Inc. has to offer as a service is one of the best POS systems for pizza parlors.
As of September 22, 2021, Toast officially became a publicly-traded company listed within the stock markets. As TOST, the company offers an initial $40 per share, with a market capitalization of about $20 billion. This makes Toast Inc. one of America's largest initial public offering (IPO) of 2021.
Toast Inc. runs the cloud-based point-of-sale system through the Android operating system. Its backend can be monitored by mobile device or web browser in real-time. It can integrate with systems such as a computerized cash drawer, kitchen display screen, magstripe card reader, and receipt printer,
6. Bars Included
In addition to catering to the needs of the restaurants, Toast Inc. also works with bars, clubs, and other venues that are fitted within the food and beverage industry.
7. Food Truck Friendly
Because Toast Inc. features technology that uses hand-held devices such as mobile phones and tablets, the ease to use their products, programs, and services at remote locations such as a food truck have made them a favorable option to use. This is great for vendors who may not always have a fixed location as they take their food carts, food trolleys, and food trucks wherever the road they choose takes them.
The August 10, 2021 edition of the Forbes Cloud 100 names Toast Inc. in their publication. Rated as #5 as one of the best private cloud companies in the world, they share this honor in conjunction with their partners, Bessemer Venture Partners and Salesforce Ventures. Since 2018, Toast Inc. has consistently found itself placed within the Cloud 100 companies listed by Forbes Magazine.
9, Fastest In 2017
Toast Inc. found itself ranked as the third fastest-growing company in 2017, according to Deloitte's Technology Fast 500 publication that was released on November 9, 2017. Chris Comparato, the CEO of Toast Inc., credits the company's fast climbing success to its industrial-leading team, as well as the restaurant clients who believe in what they do.
10. Toast API Partner Program
There are a number of companies that have teamed up with Toast Inc. to make full benefit of the point-of-sale integration system that's in place through a program known as Application Programming Interface (API). The current list of those companies are as available on their website.
11. Toast Inc.'s Preferred Partnership with DAVO
The benefits clients dealing with Toast Inc. receive due to the integrated partnership with DAVO revolves around the issue of sales tax. What DAVO does is exclude the amount of sales tax the client receives each day from their banking institution. When the time comes to file for the state taxes, DAVO steps in and pays for the sales tax in full as soon as it's due. DAVO is able to perform this task by directly linking into the point-of-sale program to determine how much sales tax is to be set aside per day. The tax funds are held within DAVO's secure tax holding account which it then automatically files and pays to the state each month or quarter, depending on how this procedure is set up.
12. Toast Inc.'s Preferred Partnership with ROOAM
ROOAM features a PCI-compliant mobile payment platform that offers EMV level protection that securely integrates with Toast Inc's platform without the need to install additional hardware. This is an ideal setup for bars and restaurants as this provides stronger chargeback protection so businesses can focus on generating revenue with maximum efficiency instead of worrying about walkouts. This program also offers the ability to reach out to existing customers through targeted marketing.
13. Toast Inc.'s Preferred Partnership with Staples Connect
The connection between Toast Inc. and Staples Connect allows a discount as high as 25% towards the essentials needed for restaurants that are either starting up or expanding. So, restaurants doing business with Toast Inc. find themselves in a position to access any of the 1000+ locations available nationwide,
14. Restaurant Referral Program
Like an affiliate program, Toast Inc. encourages existing clients to bring awareness to other restaurant owners whom they believe could use an upgrade to their current system. Should there be success to win over a new client to purchase products and services with Toast Inc. this means the recruiter earns a $1,000 bonus. However, even if one is not a current client of Toast Inc. and is also able to win over a new client for the company, they still earn a bonus, which is $500.
Toast Inc. refers to its entire personnel as Toasters instead of employees. Going with the slogan "we don't take ourselves too seriously" is how they post career opportunities for anybody who may be interested in becoming a Toaster. In addition to working for one of the most expansive corporations going today, there are bonus features such as peer-nominated Toastie Awards, reimbursement programs, full medical coverage, and other flexible options. Among the Toasters is a selection of teams, each assigned according to specific areas of interest. These teams are as follows:
- Campus - Serves as an internship, encouraging upcoming entrepreneurs through a variety of cooperative opportunities.
- Customer Success - Considered as the DNA of Toast Inc.'s core values in a mission to provide optimal customer service at all times toward existing and future clientele.
- Engineering - This team focuses on how to use cutting-edge technology to integrate with product and service possibilities they can provide to the clients, both present and future.
- General & Administrative - Through a collaborative effort between accounting, finance, facilities, IT, and legal, the focus for this team is to keep all orders of business running as smoothly as possible.
- Hardware Components - The development of the software products, plus their delivery, has its inventory managed through this team. This is the same team that fulfills orders as they receive them.
- People & Culture - Through the development of communities, each designed with the same common focus to put the company's "Toasters" first as they are considered to be the backbone of Toast Inc.
- Product & Design - Features a development team that puts the design of each product together for the sole purpose to make all tasks running a business such as a bar or a restaurant run as stress-free as possible.
- Marketing - This is the team that markets the products and services belonging to Toast Inc. that makes it a top contender whenever a restaurant owner considers making technological upgrades towards their business.
- Sales - Whether it's field sales, inside sales, or sales associates, the focus is to sell a product and service to the restaurant owner who wants to run a smarter business through technology.
16. Employer Recognition Awards
Toast Inc. has received a multitude of awards as the ideal employer to work for. In 2020, Toast earned the national title Entrepreneur of the Year according to Ernst & Young. And, according to 2021 Built In Boston's publication, Toast Inc. was recognized in the following categories;
- Best Places to Work
- Best Places to Work featuring Perks & Benefits
- 100 Best Large Companies to Work For
17. Tech Recognition Awards
Toast Inc. earns recognition from the NEVY Awards for Next Cornerstone Tech Company, which was awarded to them in 2020. The NEVY's is organized and funded by the New England Venture Capital Association (NEVCA). For 2021, the Tech Tribune awards Toast Inc. with Best Tech Startup and Best Tech Startup by State.
18. COVID-19 Impact
April 2020 saw Toast Inc. lose 50% of its staff due to the quarantine and restrictions placed due to the COVID-19 pandemic. In order to compensate, the company resorted to raising $20 million in IPOs. Instead of allowing this devastation to drag them down, the corporate team of Toast Inc. banded together and found ways to adapt within an industry that would be forever changed by something that continues to change how each person and business goes about their day to day operations. This innovative thinking by Toast Inc. now has them recognized by the April 14, 2021 publication by Forbes as "the bread and butter of leadership and culture.
19. Culture Recipe
Toast Inc. believes in the diversity of culture. There is no judgment against anyone, regardless of one's cultural background, lifestyle choices, skin color, and sexual orientation. Known as Toast Communities, Toast Inc. encourages its "Toasters" to engage in the available empowerment, encouragement, and support, Making up the Toast Communities are six different communities of their own. They are;
- Breaking Bread - For individuals identifying themselves as People of Color (POC), the mission here is to provide support for professional development through networking opportunities. Through the collaboration of Toasters (and their allies), there is a focus to create a safe environment to help further along with the community's success.
- Complex Carbs - The primary focus through this community is to provide support for the mental, emotional, and physical well-being of each Toaster. This includes bringing awareness to the realities of mental health issues and what it does to a person's overall health.
- MilitaryVets - The haven community for Toasters who've served their country to come together and share their experiences, as well as their life stories. It is the focus to help better unite former military personnel and non-military within a safe, healthy environment.
- Multigrain - This community caters to the LGBTQUIA+ Toasters and their allies. The objective behind this community is to open up a safe environment where people can share their stories and experiences without being judged.
- theblend - As a voluntary allyship community to enact real change through awareness and education. It is a community that has no hierarchy, hence why the spelling remains all lower-cased. It's about no titles, no judgment, and no exclusions.
- ToastHER - A community environment dedicated towards those who identify with the female gender. The purpose is to empower women within the workplace and beyond through a number of events, programs, and workshops.
20. Toast Jams
Toast Inc. has its own playlist on Spotify that consists of a list of song favorites, all picked according to the preferences of their roster of "Toasters". In total, there are 100 songs to be found on the list. The accessibility to Toast Jams on Spotify is available to the public.
Written by Allen Lee
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