xtraCHEF Raises $7.5M
xtraCHEF, a cloud-based restaurant management platform that combines AP automation with back-of-house business and operational intelligence, announced the closing of a $7.5 million Series A funding round to fuel growth, accelerate its product roadmap and recruit new talent.
Leveraging a combination of machine learning, data science and a deep understanding of restaurant finance and operations, xtraCHEF is leading restaurants through a digital transformation of their back-of-house. xtraCHEF’s initial product provided restaurants with the ability to digitize invoices and integrate line-item vendor data into restaurant accounting and ERP systems. The Software-as-a-Service (SaaS) company has since expanded its product features to include AP workflows, budgets, food cost analytics, purchasing and order management, and ingredient price monitoring.
In the last nine months, the company has opened new offices in Philadelphia and Chicago and has doubled the size of its team, adding key hires in Sales, Product Development, Engineering, and Finance. The company plans to use the funds to continue to grow the team and propel the product’s evolution from a restaurant invoice processing solution to becoming the premiere back-of-house business intelligence and operations platform in the industry.
The financing round was led by Radnor, PA-based MVP Capital Partners, with participation from existing investors ValueStream Ventures and Laconia Capital Group.