INSUBCONTINENT EXCLUSIVE:
Last valued at $5 billion, restaurant management platform Toast has joined the sweep of startups laying off employees due to the economic
impact of the COVID-19 pandemic
restaurants process payments and handle orders through a mix of hardware and software
Think handheld ordering pads, self-service kiosks and display systems for kitchens
It also connects businesses to food delivery services like Grubhub.Toast sits on the bridge between two industries in the spotlight, for
better or worse, right now: restaurants and fintech
But restaurants have been hit hard as eateries were forced to close down due to state mandates, or to simply promote social distancing
As a result, fintech companies that help restaurants work better and depend on foot traffic are seeing less transaction volume.Comparato, in
limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the
He noted that before the pandemic hit, Toast revenue grew 109% in 2019
across the startup world.Investors in Toast include TCV, Tiger Global Management, Bessemer Venture Partners and T
