venture arm at a valuation of about $100 million. Bennett said the big move that changed his thinking was Toast's push into payments. As a full POS vendor that was getting a cut of every transaction on the system, Toast at last had a volume business with a consistent and profitable revenue stream.
Papa was making similar pronouncements as he tried luring investors. In a June 2015 presentation, he wrote in one slide that Toast had "the potential to be the next Uber or Airbnb valued in the many billions" and that it had "potential to build $10b+ exit." Toast's glaring risk: Reliance on a single industry. As infections spread rapidly, restaurants across the country saw revenue plunge 80% in March, squashing Toast's business.in April, eliminating roughly 1,300 jobs.
So they turned to Toast for newer products like curbside notifications for takeout, flat-fee deliveries, and mobile software that enabled ordering and payments from their devices., sales jumped more than 20% to $823.1 million. Headcount is back near pre-Covid levels.
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Yeah while laying off workers and making their investors rich.