Roughly 100,000 Restaurants Use Toast's Technology, but Investors Might Be Surprised by How Many Restaurants Still Don't -- and Why That's a Good Thing.

In 2011, three friends founded Toast (TOST 5.12%) in the hopes of modernizing the restaurant industry with cloud-based, scalable technology solutions. In 2015, roughly 1,000 restaurants were using the company's products. But as of the third quarter of 2023, 99,000 restaurant locations were using Toast -- nearly a 100x increase in just eight years. This level of growth is a testament to what Toast has built. It's not the only company working in the space, but its ability to attract new customers (6,500 net n ...