In July 2017, Toast raised $101 million in a Series C round of funding that was led by Lead Edge Capital and Generation Investment Management. Several undisclosed investors also participated in the round. The funding was led by BVP partner Kent Bennett and general partner and Android co-founder Rich Miner. 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. 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. In August, Toast announced that they signed 1,000 customers in under two years, revealing 550% year-over-year growth. Comparato previously served as senior vice president of "customer success" at Acquia and senior vice president of "worldwide customer solutions" at Endeca. In early 2015, Toast announced Chris Comparato as its chief executive officer. 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.
DELIVERY STATUS TOAST UPGRADE
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. The company pivoted to a full restaurant technology platform, with applications for POS, online ordering, gift cards, analytics and other features.
The company concluded that restaurants had uses for a mobile platform beyond being able to accept payments using a phone or tablet.
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. After Endeca was acquired by Oracle in 2011, they left to start Toast. Toast founders Steve Fredette, Aman Narang, and Jonathan Grimm met at software company Endeca after graduating from MIT in Cambridge, MA.
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