Point-of-sale provider Toast announced Tuesday that it is releasing its first hardware product to accompany a suite of restaurant management software. The hardware suite is part of Toast’s growth strategy and its efforts to grab market share from competitors, the company said.
The Android-based hardware package includes four new devices: Flex, a 14-inch terminal available in single-screen, guest and kitchen displays; Tap, a three-in-one payment processing device that supports contactless payments; as well as Toast Hub and printer. The company said the hardware is durable and designed to be easy to install and blend into the restaurant’s decor.
Prior to the hardware launch, Toast relied on off-the-shelf devices to support software and payment services. Toast co-founder and president Steve Fredette said the company made a conscious decision to use Android over Windows or iOS devices to keep costs down for customers. The flexibility and durability of Android devices also gives Toast a strategic advantage over iPad players, which aren’t as robust, Fredette said.
The hardware launch follows the $400 million Series F Toast, which boosted its valuation to $4.9 billion. The Boston-based company said the valuation is representative of its growth over the past year, which has seen revenue increase 109%.
Toast’s technology platform integrates restaurant POS, take-out, take-out and guest technology with a suite of third-party applications. The company says more than a dozen restaurants join Toast every hour, giving it an ever-growing market share in the $900 billion restaurant industry.
“Restaurants are our core market, and it’s a big market that gives us a lot of opportunities to grow,” Fredette said. “We plan to invest in customer engagement, speed of service and improving the employee experience are big areas where we think we can grow.”