The last time you went out to eat or stopped for a coffee or a drink, there’s a good chance that a restaurant POS (point of sale) software solution was working to make your visit smooth and enjoyable. Boston-based Toast, Inc., is a restaurant POS system that helps restaurateurs manage labor, sales, and staff from a single Android application to improve their efficiency, please more customers, and increase their profits. Toast is growing—fast. In 2017, Toast was listed as the third-fastest growing company in North America in Deloitte’s Technology Fast 500. In 2018 Toast raised $115 million at a $1.4 billion valuation with its Series D financing. And between 2015 and mid-2018, Toast increased its headcount from 70 to 1000+.
Back when it was just 20 people, Toast became Shoobx’s earliest adopter, and is now one of its largest clients. For Founder and President Steve Fredette, partnering with Shoobx is a natural fit. Both companies are focused on using technology to make life better for business owners. “What we’re doing for restaurateurs, Shoobx is doing for entrepreneurs,” he explains, “It’s about automating what they don’t have time—or want—to do, and making it easy to do it right.“
Here’s how Fredette and members of his team describe their experience with Shoobx, and the role it has played in Toast’s growth—from its humble start in a co-founder’s basement, to their $30 million Series B financing led by Bessemer Ventures and GV (formerly Google Ventures), to their July 2017 $101 million Series C financing led by Generation Investment Management and Lead Edge Capital, and finally their $115 Series D financing in July 2018 led by T. Rowe Price Associates.