We believe we can help thousands more restaurants, hotels and restaurant accountants protect their profits and spend their time more valuably. This investment affirms that belief and will help us broaden our impact in the industry.
NEW YORK (PRWEB) March 26, 2018
xtraCHEF, a cloud-based cost intelligence and accounts payable (AP) platform built specifically for the hospitality industry, announced $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 Ventures (New York), The Howard Sukonick Investment Group and Ben Franklin Technology Partners (Philadelphia).
“xtraCHEF’s unique market insights, product expertise, and execution have consistently impressed us. More than that, we love the mission of giving operators greater control of their businesses through real-time data and unprecedented transparency,” said Jeffrey Silverman, Co-Founder and Managing Director of Laconia Capital Group.
xtraCHEF was founded in late 2015 by Andy Schwartz, Bhavik Patel, and Chaz Brown. The founders recognized an opportunity to apply state-of-the-art, enterprise-level technology to the hospitality industry, a historically underserved market with regard to financial and operational technology advancements. Less than three years later, 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. Today, xtraCHEF helps hundreds of clients across the country to save time, cut costs and better manage their books.
“In such a fast-paced industry in an increasingly fast-paced world, time is scarce and profits can be even scarcer,” said Andy Schwartz, Co-founder and CEO of xtraCHEF. “We believe we can help thousands more restaurants, hotels and restaurant accountants protect their profits and spend their time more valuably. This investment affirms that belief and will help us broaden our impact in the industry.”
“While we are pleased with the product’s ability to deliver value to our customers today, we are only beginning our journey of empowering the hospitality industry with data to drive profitability,” said Bhavik Patel, Co- founder and CTO of xtraCHEF. “We are relentless in our pursuit to build a platform that delivers timely, actionable information that directly results in improved profits for our customers.”
Since launching, xtraCHEF has earned the trust of some of the most renowned chefs and restaurant groups in the country including José Andrés, Marcus Samuelsson, Jose Garces, Michael Mina, Michael Solomonov and many others. Their customer base represents a broad spectrum of the hospitality industry and includes various segments such as fine dining, hotels, and fast casual as well as catering, food service, and accounting firms.