You know the satisfying feeling you get when a toaster pops up two slices of beautifully crisp, golden-brown toast? That’s probably how Toast is feeling now.
The Boston-based leader in software and hardware tools for restaurants was getting burnt last spring, but now it’s buttering up for an IPO.
In April 2020, Toast CEO Chris Comparato announced a 50% staff reduction through layoffs and furloughs after restaurant sales dropped 80% in March.
But the company introduced new tools focused on food delivery and saw its valuation double to $8B between February and November.
The newly planned IPO would value bread Toast at $20B.
In December, the NRA — “R” as in “Restaurant” — shared insights with congressional leadership that were quite troubling:
Toast’s IPO isn’t a done deal. It’s also reportedly considering a sale or — no surprise here — a SPAC.
Whatever happens, we’re raising one glass to Toast for its remarkable achievements, and another to toast the restaurant industry for brighter days ahead.