Briefing

The Briefing: Toast, Freshworks Surge In Public Market Debuts, PandaDoc Valuation Hits $1B, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Toast prices IPO above range, sets initial valuation around $20B

Shares of restaurant payments and software provider Toast closed up 56 percent in their first day of trading on the New York Stock Exchange on Wednesday.

The company had priced shares for its initial public offering at $40 each, well above the upwardly revised projected range of $34 to $36 and setting an initial valuation for the Boston-based company of around $20 billion.

The past 18 months or so have been full of ups and downs for the company. Toast raised a $400 million Series F in February 2020, valuing the company at nearly $5 billion.

As COVID-19 spread and restaurant business declined suddenly and sharply shortly after the Series F, Toast also saw a steep drop-off in business and furloughed half its employees. In recent quarters, however, business has rebounded.

— Joanna Glasner

Freshworks prices IPO above range

San Mateo, California-based Freshworks, a provider of customer engagement software, raised more than $1 billion in its Nasdaq debut Wednesday after pricing shares at $36, above the upwardly revised range of $32 to $34. Shares, trading under the symbol, FRSH, gained more than 32 percent in their first day of trading, closing above $47.

Founded in 2010, Freshworks had previously raised around $484 million in known funding, per Crunchbase data.

— Joanna Glasner

PandaDoc valuation hits $1B

PandaDoc, a provider of document automation software, announced that its valuation has hit $1 billion with its latest funding round. The 10-year-old company reportedly raised Series C financing, but has not disclosed the size of the investment.

— Joanna Glasner

Fintech

• ZestMoney raises $50M: Bangalore-based ZestMoney, provider of a buy now, pay later platform for consumer purchases, raised $50 million in a funding round backed by Australian fintech Zip. To date, the 6-year-old company has raised around $118 million in known funding, per Crunchbase data.

— Joanna Glasner

Enterprise software

• GrowthSpace closes Series A: New York-based GrowthSpace, a developer of personalized talent programs, raised a $15 million Series A co-led by M12 and Vertex Ventures. The company uses datasets and its network of experts to help companies develop the talents of their employees with relevant one-on-one training and learning online sessions. Founded in 2019, GrowthSpace has now raised a total of $19 million.

— Chris Metinko

Illustration: Dom Guzman

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