How restaurant tech company Toast’s valuation climbed $25B in 10 months

Shares of the restaurant software company Toast rose 63% after it went public on Sept. 22, with the company’s valuation climbing to nearly $33 billion, up from $8 billion last November. It was a swift turn for the startup, which provides cloud-based software to restaurants and took an initial hit from the Covid-19 pandemic. Heightened interest in food delivery and contactless payments ultimately proved to be a positive development for the company, as it attracted more restaurant locations in 2020, which helped boost revenue by 24%.