Toast built a $30 billion business by defying Silicon Valley and surviving a 'suicide mission'

  • 📰 CNBC
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Toast pushed aside the Silicon Valley playbook to build a restaurant-tech business that debuted on the NYSE this week and is valued at close to $30 billion.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

New month! bonus !!! Only 30 serious person's needed SY Work from home with your smartphone and start earning $ 2,500 every 48 hours and $ 8,750 weekly Ask me How No hidden fee No Charges involved No Scam Only serious minded person's WhatsApp number +1 (510) 254-9630

Yeah while laying off workers and making their investors rich.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines