Toast, Inc. Thesis

Toast provides an all-in-one, cloud-based platform for restaurants, integrating point-of-sale (POS), payment processing, and other management software. Its moat is its deep vertical integration and the stickiness of its platform; once a restaurant adopts Toast for its core operations, it is difficult to switch. The growth driver is the expansion of its customer base to more restaurants and the cross-selling of new software modules and financial products. The investment thesis is that Toast can become the essential technology backbone for the restaurant industry.