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The digital transformation currently sweeping through society has likely reached your favorite local restaurant.

Since 2013, Boston-based Toast has been providing bars and restaurants with a software platform that allows them to manage orders, payments and deliveries.

Over the past year, his clients processed over $ 38 billion in gross payment volume, which is why Alex Wilhelm analyzed the company’s S-1 for The Exchange with great interest.

“Toast was last valued at just under $ 5 billion when it was last raised, according to data from Crunchbase,” he writes. “And people say he could be worth $ 20 billion when he started out. Does that match the numbers? “

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Airbnb, DoorDash, and Coinbase each debuted in the last few Y Combinator demo days; at the time of this writing, they employ a total of 10,000 people.

Today and tomorrow, TechCrunch reporters will cover the proceedings at YC’s Summer 20201 Demonstration Day. In addition to writing the founders’ pitches, they will also rank their favorites.

Even from a distance I can feel a palpable sense of excitement emanating from our team – anything can happen at YC Demo Day, so sign up for Extra Crunch to catch the action.

Thanks so much for reading; Hope you are having a great week.

Walter thompson
Editor-in-Chief, TechCrunch

How Amazon EC2 went from a concept to a fundamental part of cloud computing

Image credits: Ron Miller / TechCrunch

In August 2006, AWS activated its cloud-based virtual machine EC2, a milestone in the development of the cloud infrastructure giant.

“You really can’t overstate what Amazon has been able to accomplish,” writes corporate reporter Ron Miller.

Over the next 15 years, EC2 has enabled customers of all sizes to test and run their own applications on AWS virtual machines.

To learn more about a fundamental technological change that would “help fuel a whole generation of startups,” Ron interviewed EC2 Vice President Dave Brown, who built and led the Amazon EC2 Frontend team.

3 ways to become a better manager in the age of telecommuting

S-1 Toast and Freshbook, Pre-Pitch Tips, Flexible Fundraising Lessons – TechCrunch

Image credits: Jasmin merdan (Opens in a new window)/ Getty Images

Most managers agree that OKRs promote transparency and accountability, but managing a team effectively presents different challenges when workers attend meetings at all levels from their kitchen tables.

Instead of just discussing key metrics before board meetings or performance reviews, make them part of the day-to-day culture, recommends Jeremy Epstein, Marketing Director at Gtmhub.

“Empower your team by creating authentic transparency in the workplace by using numbers as the universal language and making sense of your team’s work. “

The pre-pitch: 7 ways to build relationships with VCs

S-1 Toast and Freshbook, Pre-Pitch Tips, Flexible Fundraising Lessons – TechCrunch

Image credits: Getty Images under an Andrii Yalanskyi (Opens in a new window) Licence

Many founders have to overcome a few emotional hurdles before they feel comfortable presenting a potential investor face-to-face.

To alleviate this pressure, Unicorn Capital founder Evan Fisher recommends that entrepreneurs use pre-pitch meetings to build and strengthen relationships before asking for a check:

“It’s the ‘we’re not looking for money actually; we just want to be friends for now ”which puts you on an investor’s radar so that when it’s time to increase your next turn, they’ll be much more likely to answer the phone because they actually know who you are. are. “

Pre-pitches are good for more than just curing nervousness: these conversations help founders get a better idea of ​​how VCs think and sometimes lead to unintended results.

“Investors are opportunists out of necessity,” says Fisher, “so if they like your company’s jib cut, you never know – the FOMO might start kicking hard.”

Lessons from COVID: Flexible financing is a must for alternative lenders

S-1 Toast and Freshbook, Pre-Pitch Tips, Flexible Fundraising Lessons – TechCrunch

Image credits: MirageC (Opens in a new window) / Getty Images

Deeba Goyal and Archita Bhandari of FischerJordan break down the impact of the pandemic on alternative lenders, particularly what they had to do to survive the crisis, looking at small lenders including Credably, Kabbage, Kapitus and BlueVine.

“Only those who could find a way to overcome the complexities of their existing sources of capital were able to maintain their performance, and the rest perished or found new avenues of funding,” they write.

Inside Freshworks IPO filing

S-1 Toast and Freshbook, Pre-Pitch Tips, Flexible Fundraising Lessons – TechCrunch

Image credits: Nigel sussman (Opens in a new window)

Customer engagement software company Freshworks S-1 brief describes a company experiencing accelerated revenue growth, “a big sign to the health of its business,” Alex Wilhelm reported in The Exchange this morning.

“Most businesses see their growth rates decline as they move forward because larger denominators make percentage growth more difficult.”

While reviewing the company’s SEC record, he found that “Freshworks is not a company in which we have to be very flexible, as we might with an adjusted EBITDA figure. It is made public ready for Big Kid metrics.

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