xtraCHEF, a cloud-based restaurant management platform that combines best-in-class AP automation with back-of-house business and operational intelligence, today announced the closing of a $7.5 million Series A funding round to fuel growth, accelerate its product roadmap and recruit new talent. The financing round was led by Radnor, PA-based MVP Capital Partners, with participation from existing investors ValueStream Ventures and Laconia Capital Group.
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.
“xtraCHEF’s rapid growth and broad user adoption has shown how eager the restaurant industry is to streamline back-of-house operations and gain deeper insights into its core business,” said Rob Brown, Vice President of MVP Capital Partners. “At MVP, we have a burgeoning hospitality portfolio, and we understand first-hand the problems that xtraCHEF is solving. We are thrilled to partner with Andy, Bhavik and their entire team.”
“We’re really proud of the value that we deliver to our customers every day,” said Andy Schwartz, Co-founder and CEO of xtraCHEF. “This is an important milestone for our team, and we’re excited to partner with MVP Capital to take our product and our company to the next level.”
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