Toast Commits to Fight Food Waste with New Innovation and $1M ReFED Grant

Company develops three innovative tools to help restaurants reduce waste and makes major investment through Toast.org to bring restaurants into the fight against food waste

Boston, MA — October 17, 2023 — Toast (NYSE: TOST), the all-in-one technology platform built for restaurants, today announced product and philanthropic investments in the fight against food waste. Toast is launching Food Waste Reduction (FWR), a set of features available to all Toast customers at no additional cost, designed to help restaurants measure and manage food waste in their operations—and save money doing so. Toast.org, the company’s philanthropic arm, will bolster its commitment to creating a more sustainable food ecosystem with a $1 million partnership with ReFED, a national nonprofit dedicated to ending food loss and waste, in support of their Catalytic Grant Fund to advance food waste solutions.

Whether at the farm level or on our dinner plates, inefficiencies in the U.S. food system result in nearly 40%1 of the country’s food supply going unsold or uneaten.  And with approximately 13 million tons of food waste generated across the food service industry in the United States, which mostly come from restaurants2, tackling food waste in restaurants is key to addressing this issue and reducing cost of goods sold (COGS). 

“Food waste is one of many challenges restaurants navigate daily as they seek to stretch every dollar–-and crumb,” said Jonathan Grimm, Co-Founder of Toast and CTO of Toast.org. “Toast and Toast.org are committed to leveraging the power of its people, products and philanthropy to combat systemic issues in the restaurant industry and broader food ecosystem—while also making running a restaurant more sustainable, both financially and environmentally. Toast is proud to be a leading innovator in helping restaurants reduce food waste and we are delighted to partner with ReFED to seek scalable solutions to this critical issue.”

Toast Helps Eliminate the Mystery of Food Waste Costs with Food Waste Reduction (FWR) Features

Toast’s Food Waste Reduction feature set is designed to equip restaurants with actionable tools to increase visibility into contributors to food waste and turn insights to action with cost-saving strategies, resale and diversion tactics, and more. Food Waste Reduction will allow restaurants to:

• Log, categorize, and quantify unsold items with a cloud-based Food Waste Tracker
• Use insights and data to optimize daily operations with Food Waste Reporting
• Learn and develop actionable cost-saving strategies with the Food Waste Educational Hub
  
  

“Toast’s Food Waste Reduction has been a great feature enhancement for our cafes. The tools have made for easy tracking of food waste, simplifying the previous manual tracking process and giving visibility to both production and cost savings opportunities to our franchise operators,” said Massimo Mallozzi, VP of Information Technology at Paris Baguette. “Individual team leaders and staff are all empowered to input and categorize waste, while also giving both franchise owners and management visibility into food waste trends and insights in one place on the Toast platform.”

Toast.org Deepens Commitment to Sustainability with $1M Partnership with ReFED

In addition to Toast’s launch of Food Waste Reduction, Toast.org also announced a $1M partnership with ReFED, a nonprofit dedicated to ending food loss and waste in the US. The contribution will serve as anchor funding for the second open call of the ReFED Catalytic Grant Fund, which provides nonprofit and for-profit organizations with recoverable and nonrecoverable grants to de-risk and scale high-impact solutions to food waste across the food system. This partnership will allow Toast and ReFED to explore opportunities to make systems-level impact on the problem of food waste at restaurants with a multi-phased grants program, starting with an initial open call for food waste solution providers and organizations across the restaurant industry to apply for funding.

To bolster the catalytic nature of the funding, a subset of grantees will be selected to pilot their food waste innovations with restaurants, with a goal to develop solutions that can be scaled to support industry-wide impact. Each participating restaurant will be custom-matched with a solution that best meets the restaurant's individual needs and priorities. These pilots, expected to take place in the summer and fall of 2024, will provide small to medium-sized restaurants a chance to be at the forefront of fighting food waste with Toast and ReFED while also creating cost-saving opportunities and positive environmental and social impact.

“There is a huge opportunity to reduce food waste in the restaurant industry, and we’re excited to partner with Toast.org to support solution providers that are driving meaningful impact,” said Dana Gunders, Executive Director at ReFED. “This is a major investment that will enable us to pilot new technologies and innovations that can benefit the entire restaurant community, and Toast can help provide resources and education for food waste reduction to a network of the food industry that is otherwise hard to reach."

Learn more about Food Waste Reduction by Toast and Toast.org.

Learn more about ReFED and the ReFED Catalytic Grant Fund.