Al Gore's investment fund revealed a $128 million stake in Toast after the restaurant-technology company's IPO
- Al Gore's fund revealed a 0.5% stake in Toast following the restaurant-software provider's IPO.
- Generation Investment Management's
Toast stockis worth around $128 million.
Gore is the cofounder and chairman of
Toast didn't list Generation among its major shareholders in its IPO filing, as Gore's fund owns less than 5% of the company. However, Generation co-led Toast's $101 million Series C financing round in 2017. Given Toast now commands a $26 billion market capitalization, Generation has likely racked up a massive unrealized gain on its early bet on the company.
Generation and Toast didn't respond to requests for comment from Insider.
Toast sells mobile, cloud-based, point-of-service (POS) systems to restaurants. The units help eateries to process orders faster, increase efficiency, reduce waste, and make more money. Toast's biggest investors include Bessemer Venture Partners, Tiger Global Management, and T. Rowe Price.
The startup's revenues jumped 24% to $823 million in 2020, but a sharp increase in costs meant its net loss widened by 19% to $248 million. Toast's revenues roughly doubled year-on-year to $704 million in the first six months of 2021, but the company lost another $235 million in the period.
Gore starred in the Oscar-winning documentary "
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