Restaurant software provider Toast is planning to go public this year at a valuation of $20B, up from its $5B valuation last year. Though the company announced in March that it was laying off about 50% of its staff due to an 80% revenue reduction, its sales started to rebound in mid-2020 as more restaurants began to offer takeout and online delivery.
- The companies software includes marketing, inventory control, payments processing, and online delivery management.
- Toast’s loan service Toast Capital provides funding for restaurants from $5,000-$50,000.
- The company has raised $900M in funding from backers, including Bessemer Venture Partners, Tiger Global Management, and T.Rowe Price.
- Toast’s valuation has increased from $2.7B in 2019 to $20B in 2021 due to the surge in online orders.