Companies · Food & Beverage

Toast Spirits LLC

Cleveland · Food & Beverage · refined from filed group “Other

Diligence memoA one-page analyst read on Toast Spirits LLC — recommendation, valuation, rhythm, risks.
$27.2M
Total raised · real
6
Rounds
10.9×
Latest step-up
Top 5%
Sector rank · raised
Series A
Latest stage · inferred · Mon Jul 01 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Toast Spirits LLC looks fair against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.24× the median modeled value of Series A Food & Beverage companies in 2019–2021 (14 peers) — value vs value, same stage and era.
  • Within the normal band (124% of peer median) for its niche.
Dormant
  • Last raise 7.0 yr ago; this sector typically re-raises about every 15 months.
  • Silent for over 3× the sector's normal cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Toast Spirits LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
15.7 yr record
Peak capital year was 2016 with $13.5M across 2 filings.
Market position
ahead of 96% of Food & Beverage peers
Capital scale is ahead of 96% of Food & Beverage peers; modeled value is above 94% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2016: $13.5M across 2 filings.
  • Largest single filing was $13.1M on 2016-07-08.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Food & Beverage

Toast Spirits LLC is one of 567 Food & Beverage companies tracked from Cleveland. By capital raised it ranks among the largest (ahead of 96% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
18
Investors (latest)
2019-07-01
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$50M$100M$150M$200MSeed · 2010-10-11 Raised $1.6M (real) Modeled valuation $29M (est)Seed2010Series A · 2011-07-01 Raised $4.1M (real) Modeled valuation $62M (est)Series A2011Series A · 2012-11-01 Raised $2.5M (real) Modeled valuation $38M (est)Series A2012Pre-Seed · 2016-07-08 Raised $399K (real) Modeled valuation $9.2M (est)Pre-Seed2016Series A · 2016-07-08 Raised $13M (real) Modeled valuation $198M (est)Series A2016Series A · 2018-08-28 Raised $501K (real) Modeled valuation $7.6M (est)Series A2018Series A · 2019-07-01 Raised $5.5M (real) Modeled valuation $83M (est)Series A2019+$4.1M+$2.5M+$399K+$13M+$501K+$5.5MCumulative $28M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$1.6M · 2010
Series A$4.1M · 2011
Series A extension$2.5M · 2012
Bridge · Series A-stage$399K · 2016smaller follow-on
Series A extension$13.1M · 2016
Series A extension$501K · 2018
Series A extension$5.5M · 2019

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$82.9M
Base estimate est.
$7.5M
Conservative case
$451.0M
Upside case
$24.9M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Seed · modeled $28.8M · 2010-10-112010Series A · modeled $61.9M · 2011-07-01Series A · modeled $37.8M · 2012-11-01Pre-Seed · modeled $9.2M · 2016-07-08Series A · modeled $198.5M · 2016-07-08Series A · modeled $7.6M · 2018-08-28Series A · modeled $82.9M · 2019-07-012019
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
55%
Survival probability
30% low · 75% high
1.35×/yr
Annual markup
1.70×/yr upside case
6.0 yr
Elapsed time used
7.0 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
17 mo
Avg between rounds
$3.1M/yr
Capital velocity
15.7 yr
On record since
2010
First round
7
Rounds on file
How it compares to the market

Benchmarked against 567 companies in Food & Beverage. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 23× above median
This company$27.2M
Sector median$1.2M
Latest round — vs other Series A rounds in sector (real $, this stage) 1.1× above median
This company$5.5M
Sector median$5.0M
Modeled value — vs sector median (estimate, all stages) 7.8× above median
This company$82.9M
Sector median$10.6M

Raised more than 96% of sector peers (real $). Modeled value above 94% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #5 of 14.

This companyCohort peer
$10.0M$100.0M$1.0B$1.0M$10.0M$100.0MCapital raised (log)Drop Kitchen, Inc. · Series A Raised $19.8M · modeled $189.6M (est)Bright Cellars Inc. · Series A Raised $13.8M · modeled $132.6M (est)Lagom Kitchen Co · Series A Raised $9.9M · modeled $113.1M (est)Wildpack Beverage Alberta Inc. · Series A Raised $8.6M · modeled $103.8M (est)Black Frost Distilling, LLC · Series A Raised $5.0M · modeled $75.7M (est)Durham Distillery, LLC · Series A Raised $4.5M · modeled $68.1M (est)Epic Kitchens, Inc. · Series A Raised $5.9M · modeled $65.9M (est)Blue Run Spirits, LLC · Series A Raised $5.0M · modeled $52.6M (est)Kitchen Hub Inc. · Series A Raised $4.0M · modeled $41.1M (est)Core Brewing & Distilling Company, LLC · Series A Raised $9.2M · modeled $33.4M (est)Kuleana Spirits, Inc. · Series A Raised $6.9M · modeled $28.8M (est)Toast Spirits LLC (this company) Raised $27.2M · modeled $82.9M (est)Toast Spirits LLC
CompanyStageRaised · realValue · estvs peer med.
Drop Kitchen, Inc.Series A$19.8M$189.6M2.83×
Bright Cellars Inc.Series A$13.8M$132.6M1.98×
Lagom Kitchen CoSeries A$9.9M$113.1M1.69×
Wildpack Beverage Alberta Inc.Series A$8.6M$103.8M1.55×
Toast Spirits LLC this companySeries A$27.2M$82.9M1.24×
Black Frost Distilling, LLCSeries A$5.0M$75.7M1.13×
Durham Distillery, LLCSeries A$4.5M$68.1M1.02×
Epic Kitchens, Inc.Series A$5.9M$65.9M0.98×
Blue Run Spirits, LLCSeries A$5.0M$52.6M0.79×
Kitchen Hub Inc.Series A$4.0M$41.1M0.61×
Core Brewing & Distilling Company, LLCSeries A$9.2M$33.4M0.50×
Kuleana Spirits, Inc.Series A$6.9M$28.8M0.43×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$1.6M2010-10-11$7.8M$28.8M85%
Series A$4.1M2011-07-01$18.6M$61.9M85%
Series A$2.5M2012-11-01$11.4M$37.8M85%
Pre-Seed$399K2016-07-08$2.2M$9.2M85%
Series A$13.1M2016-07-08$59.6M$198.5M90%
Series A$501K2018-08-28$2.3M$7.6M90%
Series A$5.5M2019-07-01$24.9M$82.9M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$1.6M2010-10-11
    • First recorded raise — entered as Seed.
    • 10 investors on this round.
  2. Series A$4.1M2011-07-01
    • Came back fast: 9 mo vs the ~15 mo sector norm.
    • Round 2.6× larger than the prior — scaling up.
  3. Series A$2.5M2012-11-01
    • Raised 16 mo later, in step with the ~15 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 24 investors on this round.
  4. Pre-Seed$399K2016-07-08
    • Raised again after 44 mo — slower than the ~15 mo sector norm.
    • Round 6.3× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 3 investors on this round.
  5. Series A$13.1M2016-07-08
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 32.8× larger than the prior — scaling up.
    • 14 investors on this round.
  6. Series A$501K2018-08-28
    • Raised again after 26 mo — slower than the ~15 mo sector norm.
    • Round 26.2× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  7. Series A$5.5M2019-07-01
    • Raised 10 mo later, in step with the ~15 mo sector norm.
    • Round 10.9× larger than the prior — scaling up.
    • 18 investors on this round.
Intelligence
2020 ~Q4
Modeled next raise · ~17mo cadence
$16.4M
Modeled next size est.range $10.7M$26.3M
10.9×
Last step-up
$3.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Terrence P. Fergus1 other2010-10
Thomas J. Wilson1 other2010-10
Brandis M. Deitelbaum2019-07
Brandis T. Deitelbaum2010-10
David A. Moorhead2012-11
David M. Lawrence2019-07
Fredric T. Pratt2010-10
Isaiah A. Orlen2016-07
Jim M. Hughes2019-07
Jim T. Hughes2010-10
John E. Lawrence2016-07
Jon A. Perry2016-07
Jon Deitelbaum2010-10
Mitch E. Grossbach2019-07
Patrick M. Ghilani2019-07
Richard M. Weinberg2010-10
Scott E. Freeman2019-07
William M. Goodman2019-07
William T. Goodman2012-11
Registry & provenance

Toast Spirits LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1503882
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Avitae Holdings LLCOtherSeries A$13.2M$46.9Mnetwork2 shared operators · same stage
VNGR Beverage, LLCFood & BeverageSeries A$27.4M$104.9Msame sector · same stage
Sustainable Beverage Technologies Inc.Food & BeverageSeries A$25.1M$3.5Msame sector · same stage
Drake's Organic Spirits, Inc.Food & BeverageSeries A$24.6M$8.1Msame sector · same stage
Best Day Brewing, Inc.Food & BeverageSeries A$33.0M$16.4Msame sector · same stage
Roar Beverages, Inc.Food & BeverageSeries A$35.1M$49.1Msame sector · same stage
Que Onda Beverage, Inc.Food & BeverageSeries A$20.3M$29.4Msame sector · same stage
Tahoe Spirits, Inc.Food & BeverageSeries A$18.2M$5.7Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Toast Distillers, Inc.Food & BeveragePre-Seed$2.3M92%
Toast Holdings, Inc.OtherSeries A$64.4M85%
Toast Empire, Inc.OtherSeed$13.7M85%
Cardinal Spirits LLCFood & BeveragePre-Seed$2.9M85%
Better Spirits, LLCFood & BeveragePre-Seed$2.8M84%
B&M Craft Spirits, LlcFood & BeverageSeed$2.4M84%
Smile Spirits, Inc.Food & BeveragePre-Seed$524K84%
Salute Spirits, Inc.Food & BeveragePre-Seed$7.7M83%
Frequently asked
How much funding has Toast Spirits LLC raised?
Toast Spirits LLC has raised approximately $27.2M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Toast Spirits LLC's estimated valuation?
Provath's modeled valuation for Toast Spirits LLC is approximately $82.9M (modeled range $7.5M–$451.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Toast Spirits LLC at?
Toast Spirits LLC's latest modeled financing stage is Series A. Its most recent recorded round closed around Mon Jul 01.
What does Toast Spirits LLC do and where is it based?
Toast Spirits LLC operates in the Food & Beverage sector, based in Cleveland.
Explore related

See where Toast Spirits LLC sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Toast Spirits LLC, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.