xtraCHEF by Toast
“Can restaurant AP automation and food-cost intelligence become the back-office spine of Toast's vertical restaurant OS?”
Founded2015
HQNew York, NY (co-HQ Philadelphia, PA)
FoundersAndy Schwartz, Bhavik Patel, Chaz Brown
Total raised$10.5M (pre-acquisition)
Latest roundAcquired by Toast (June 2021)
IndustryVertical SaaS / Restaurants
The story
Founded 2015 as a restaurant AP automation and cost-intelligence SaaS applying OCR + ML to vendor invoices. After a June 2020 POS integration partnership with Toast proved commercial fit, Toast acquired xtraCHEF in June 2021 to bolt AP automation, invoice digitization, and inventory management onto its restaurant OS. Post-acquisition xtraCHEF ceased to be an independent fintech story — it is now the accounting/spend layer of Toast's vertical SaaS stack, with any embedded finance (capital, payroll, payments) flowing through Toast's own programs.
Last 12 months
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Product timeline
2015
xtraCHEF founded by Andy Schwartz, Bhavik Patel, and Chaz Brown to bring enterprise tech (OCR, ML, cloud) to restaurant AP automation· pivot
2017
Raised $3M seed round led by Laconia Capital Group· funding
2019
Closed $7.5M Series A led by MVP Capital Partners to build AI-driven procurement platform· funding
2020
Launched Toast POS integration partnership (June 2020)· partnership
2021
Acquired by Toast; rebranded to 'xtraCHEF by Toast' as back-office/AP suite of Toast platform· acquisition
The stack
3 layers disclosed in xtraCHEF by Toast’s embedded-finance stack
Payments / PSP
Lending
in the full report
Accounting
in the full report
Accounting gap: none
10 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.