xtraCHEF, a NYC-based provider of a cloud restaurant management platform, raised $7.5m in Series A funding.
The round was led by MVP Capital Partners, with participation from existing investors ValueStream Ventures and Laconia Capital Group.
The company intends to use the funds to accelerate its product roadmap and recruit new talent.
Co-founded by Andy Schwartz, CEO, and Bhavik Patel, CTO, xtraCHEF provides restaurants with a mobile-friendly restaurant cost management and back-of-house business intelligence platform that combines AP automation with back-of-house business and operational intelligence. Its product features 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 platform is used by thousands of restaurants, caterers, foodservice operators, and accounting firms across the United States.