{
 "company": "toast",
 "as_of": "2026-09-25",
 "choices": [
  {
   "id": "toast-p01",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Origin",
   "statement": "The founders launched an app that let diners pay from their phones; it worked with one point-of-sale system and needed integrations with many more to scale.",
   "event_date": "2012",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p02",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Pivot",
   "statement": "After operator conversations, the founders decided to build their own cloud point-of-sale system for restaurants.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p03",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Hardware",
   "statement": "Toast built on Android because its hardware was open enough for Toast to build its own devices.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p04",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Segment",
   "statement": "Toast chose to go all in on restaurants rather than build a horizontal system for coffee shops, flower shops and small retail.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p06",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Feature building",
   "statement": "The founders built five to ten features for each of their first ten or so customers until requests converged.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T26"
   ]
  },
  {
   "id": "toast-g01",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Home market",
   "statement": "Toast sold only in Boston at first because restaurateurs bought and needed service in person.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-g02",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Support",
   "statement": "The founders answered the support line on their own phones.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-g03",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Upfront price",
   "statement": "The pitch was very little or nothing up front, then a software fee, against $50,000 to $100,000 for a legacy system.",
   "event_date": "2013",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p05",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "First customer",
   "statement": "Dwell Time in Cambridge went live in July 2013; the system went down within twenty minutes of the first orders.",
   "event_date": "2013-07",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-g04",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Distributor",
   "statement": "Gordon Food Service, an Endeca customer, took Toast into Miami and Chicago.",
   "event_date": "2014",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T14"
   ]
  },
  {
   "id": "toast-p08",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Inventory module",
   "statement": "A $75 a month inventory module, adopted by 10 percent of customers immediately.",
   "event_date": "2015-10",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-p07",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Platform scope",
   "statement": "A modular platform covering POS, payments, operations, online ordering, kiosk ordering, inventory, loyalty and gift cards, with offline operation.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-p09",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Payments",
   "statement": "Toast operated as the restaurant's transaction processor, matching the restaurant's existing rates.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-p10",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Open API",
   "statement": "An open API with integrations to customers' third-party loyalty and inventory tools.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-g05",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Channel share",
   "statement": "Gordon Food Service supplied about 25 percent of 2015 bookings and sold an integration to its food-costing and ordering service.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-g06",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Installation",
   "statement": "Toast lost about $2,000 per installation and made a slight margin on hardware.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-g07",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Sales force",
   "statement": "An inside sales force with a quota of 4.5 locations a month per rep; co-founder Narang ran sales.",
   "event_date": "2015-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T2"
   ]
  },
  {
   "id": "toast-g08",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Funding",
   "statement": "A $30 million Series B led by Bessemer, with GV; 1,000 customers signed in five quarters.",
   "event_date": "2016-01",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T4"
   ]
  },
  {
   "id": "toast-p11",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Partner program",
   "statement": "An API partner program launched with Compeat, CrunchTime, Ctuit, Paytronix and Peachworks.",
   "event_date": "2016-04",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T27"
   ]
  },
  {
   "id": "toast-g09",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Sales leadership",
   "statement": "Jonathan Vassil joined as SVP of Sales at about $20 million ARR.",
   "event_date": "2017",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "T6"
   ]
  },
  {
   "id": "toast-p12",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Handheld",
   "statement": "Toast Go, a handheld Toast designed that combines hardware, software and payments.",
   "event_date": "2018-05",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T29"
   ]
  },
  {
   "id": "toast-p13",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Payroll",
   "statement": "Toast acquired StratEx and offered payroll and team management designed to work with Toast POS.",
   "event_date": "2019-07",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T23"
   ]
  },
  {
   "id": "toast-p14",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Lending",
   "statement": "Toast Capital loans of $5,000 to $250,000, repaid as a fixed percentage of daily card sales.",
   "event_date": "2019-11",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T28"
   ]
  },
  {
   "id": "toast-g13",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Hiring",
   "statement": "About two in three employees had worked in restaurants.",
   "event_date": "2020-11",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "T24"
   ]
  },
  {
   "id": "toast-g14",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Relief",
   "statement": "A $35 million winter recovery fund of software credits during the pandemic.",
   "event_date": "2020-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T8"
   ]
  },
  {
   "id": "toast-p15",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Invoices",
   "statement": "Toast acquired xtraCHEF, restaurant invoice and expense software.",
   "event_date": "2021-06",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T5"
   ]
  },
  {
   "id": "toast-g15",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Acquisition cost",
   "statement": "Hardware and onboarding services are priced as customer acquisition tools; their net losses count as acquisition cost.",
   "event_date": "2021-09",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T5"
   ]
  },
  {
   "id": "toast-p16",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Product adoption",
   "statement": "About 59 percent of locations used four or more core products beyond POS and payments, up from 37 percent at the end of 2019.",
   "event_date": "2021-12",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T7"
   ]
  },
  {
   "id": "toast-p17",
   "business": "Restaurant software and payments",
   "category": "product",
   "dimension": "Pandemic products",
   "statement": "Order and Pay, Toast Delivery Services and Toast Now, which offered online ordering to restaurants without a Toast POS.",
   "event_date": "2022-07",
   "date_precision": "month",
   "evidence_kind": "participant_account",
   "sources": [
    "T22"
   ]
  },
  {
   "id": "toast-g16",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Fee reversal",
   "statement": "Toast withdrew a new 99-cent online order fee after customer objections.",
   "event_date": "2023-07",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "T9"
   ]
  },
  {
   "id": "toast-g10",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Field sales",
   "statement": "About 75 to 80 percent of reps sell in the field and own a territory; inside reps cover thinner markets.",
   "event_date": null,
   "date_precision": "unknown",
   "evidence_kind": "participant_account",
   "sources": [
    "T6"
   ]
  },
  {
   "id": "toast-g11",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Referrals",
   "statement": "About one deal in five comes from a customer referral.",
   "event_date": null,
   "date_precision": "unknown",
   "evidence_kind": "participant_account",
   "sources": [
    "T6"
   ]
  },
  {
   "id": "toast-g12",
   "business": "Restaurant software and payments",
   "category": "go_to_market",
   "dimension": "Territory choice",
   "statement": "Toast put no reps in Silicon Valley and worked overlooked regions such as the Midwest.",
   "event_date": null,
   "date_precision": "unknown",
   "evidence_kind": "participant_account",
   "sources": [
    "T25"
   ]
  }
 ]
}