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Illustration: Aïda Amer/Axios

Toast, a Boston-based restaurant management platform, raised $870 million in an IPO that values the company at nearly $20 billion. It priced at $40 per share, which was above its original and upwardly-revised ranges, and will list on the NYSE (TOST).

Why it matters: This is whiplash success story. Toast was valued by VCs at $5 billion heading into the pandemic, but in April 2020 laid off nearly half of its employees and furloughed another 12%.

Details: Toast reports a $235 million net loss on $704 million of revenue for the first half of 2021. It had raised around $900 million from firms like Tiger Global (12.8% pre-IPO stake), Bessemer Venture Partners (12.5%), T. Rowe Price (6%) and TCV (5.5%).

The bottom line: "Toast says it's serving more than 48,000 restaurant locations as of the end of June, up from 27,000 in 2019. Annual recurring revenue surged 118% in the second quarter from a year earlier to $494 million. The bulk of Toast's revenue comes from what the company calls financial technology solutions, consisting primarily of fees paid by customers for payment transactions. Less than 10% comes from subscriptions." — Ari Levy, CNBC

Go deeper

House Dems outraise GOP by $10 million in third quarter

House Speaker Nancy Pelosi with House Minority Leader Kevin McCarthy in the Capitol in January. Photo: Tasos Katopodis/Getty Images

The Democratic Congressional Campaign Committee raised $35.8 million in the third quarter, surpassing the National Republican Congressional Committee's haul of $25.8 million.

Why it matters: With just over a year until the 2022 midterms, and the lingering threat of redistricting in several House races, the amount each party's campaign can raise will be crucial to their success.

Ben Geman, author of Generate
52 mins ago - Energy & Environment

Democrats' clean power outlook is very muddy

Illustration: Annelise Capossela/Axios

Here are two big questions as a key Democratic proposal to slash emissions from power generation flounders: how much its demise would sap climate protections, and what might replace it.

Catch up fast: New financial carrots and sticks for utilities to deploy zero-carbon power — the Clean Electricity Performance Program (CEPP) — look unlikely to stay in Democrats' big social spending and climate bill.

Colin Powell dies from COVID complications at 84

Photo: Paul Morigi/Getty Images for Capital Concerts

Colin Powell, the first Black U.S. secretary of state, died of complications from COVID-19, his family announced Monday. He was 84.

Driving the news: The Powell family said in a statement that he was fully vaccinated. "We want to thank the medical staff at Walter Reed National Medical Center for their caring treatment."