BOSTON, Jan. 17, 2017 (GLOBE NEWSWIRE) -- Toast Restaurant POS, the all-in-one restaurant technology platform, today announced massive growth in 2016, closing the year with over $2 billion in sales transactions and restaurant implementations in 49 states. The Company also announced $30 million in Series B funding to fuel growth in January 2016.
“2016 was truly a milestone year for Toast. We’ve provided our customers of all sizes — from Michelin-rated restaurants to pop-up ice cream shops — with the best cloud restaurant management solution available,” said Chris Comparato, CEO of Toast. “Our record-breaking year is a reflection of restaurateurs embracing innovative technology and Toast’s aptitude to scale with our customers.”
Toast offers advanced functionality to manage the day to day operations of the restaurant, including quick menu modifications, real-time enterprise reporting, online ordering and labor management on an easy-to-use interface. The platform also features revenue-driving tools including physical and digital gift cards, loyalty programs and online ordering. In 2016, Toast and its customers saw the following:
- The most popular food items:
- 4.1 million burgers grilled
- 3.7 million pizzas tossed
- 6 million sodas poured - Top guest preferences:
- 40 percent of guests chose medium-well to well done meat compared to just 20 percent preferring rare
- 54 percent of online orders came from mobile devices
- Over 425,000 guests joined a rewards program at restaurants using Toast and they redeemed their rewards more than 133,000 times - Key business data points:
- Toast restaurants sold over 147,000 gift cards, adding nearly $7 million in sales to their bottom line, and the average gift card purchase was $47
- Over 10,600 invoices were entered into the Toast inventory system from food distributors and more than 2,100 inventory counts were completed
- More than 480,000 transactions came through online orders in 2016, with some restaurants processing as much as 50 percent of takeout orders through their websites
“This past year was defined by tremendous growth and customer loyalty, thanks to the robustness in the platform and our unparalleled client service,” said Comparato. “We are honored to now serve restaurateurs in 49 states.”
Toast’s upward momentum echoes a market need for its all-in-one, cloud-based platform that seamlessly integrates the restaurant point of sale (POS) with other critical management systems, allowing easy access from any internet-connected device and enabling restaurant operators to deliver a best-in-class customer experience. In addition to enormous 2016 financial and user growth, Toast:
- Won Hottest Startup: A+ at the 2016 NEVY Awards; was named a Forbes 2016 Cloud 100 Rising Star; and, received the 2016 Mass TLC Award for Innovative Mobile Technology of the Year
- Announced the release of three major products, including: Inventory, a solution that delivers improved operations, transparency and cost-savings to restaurants; self-serve kiosks, a tool designed to enhance guest experience and improve operational efficiency for restaurant operators; and, an integrated caller ID module for high-volume pizzerias and takeout restaurants
- Partnered with Samsung Pay to enable tableside payments using tablet POS devices; launched an API partner program allowing Toast’s POS data to power platforms such as CrunchTime, Paytronix, Compeat, CTUIT, and Peachworks; and, announced compatibility with Elo, a global supplier of touchscreen solutions to empower Toast users with customizable, durable hardware
To learn more about Toast and download its 2016 Year in Review Infographic, see: https://pos.toasttab.com/year-in-review
About Toast, Inc.
Toast is an all-in-one restaurant technology platform. Built specifically for restaurants, Toast offers a mobile, cloud-based point of sale (POS) system that incorporates key facets of the guest experience into one platform, connecting the POS system with integrated online ordering, gift card and loyalty programs, and labor and sales reporting. Since launching Toast in 2013, the company has grown to hundreds of employees and serves thousands of restaurants, ranging from fine dining to fast casual, and independent businesses to national chains. In 2016, Forbes named Toast a Leader in Enterprise Mobile on its first-ever Cloud 100: Rising Stars list. The Company was also recently designated as a Best in Biz Awards Gold Winner for the Fastest-Growing Company of the Year - Medium category. Learn more about Toast at www.toasttab.com or on their Facebook page.