xtraChef Secures $3M in Financing

xtraCHEF, a cloud-based cost intelligence and accounts payable platform built for the hospitality industry, has received $3 million in funding. The financing was led by Laconia Capital Group, a New York-based full-service venture capital firm, and included investments from Connectivity Capital Partners in New York, The Howard Sukonick Investment Group and Ben Franklin Technology Partners in Philadelphia.

xtraCHEF was founded in late 2015 by Andy Schwartz, Bhavik Patel, and Chaz Brown. The founders recognized an opportunity to apply enterprise-level technology to the hospitality industry. Today, xtraCHEF now digitizes millions of invoices each year and leverages machine learning to build a database of millions of SKUs. Real-time food cost data is made actionable through the platform’s automated reports and dashboards. xtraCHEF helps hundreds of clients across the country to save time, cut costs and better manage their books.

xtraCHEF is being used by notable chefs and restaurant groups including Jose Andrés, Marcus Samuelsson, Jose Garces, Michael Mina and Michael Solomonov. Their customers represent a broad spectrum of the hospitality industry and include fine dining, hotels and fast casual as well as catering and foodservice.