Velocity alumnus ChefHero raises $12.6 million in Series A to streamline bulk food purchasing for restaurants
In 2015, Saif Altimimi and Diego Dominguez Ferrera teamed up to fix the broken link between vendors and restaurants, and created ChefHero (then known as ProduceHero). Designed to allow chefs to use technology to access all of their vendors in one place and give them access to deep discounts thanks to bulk ordering, ChefHero launched from the Velocity Garage in November of 2015 and has now raised $12.6 million in a Series A funding round led by Accommplice.co, with participation from Golden Venture Partners, Precursor Ventures, and Math Ventures.
Saif was inspired to create ChefHero because, while growing up around his uncle’s produce business, he noticed that the way restaurants and vendors were connecting was inefficient. Rather than looking to make savings for only restaurants or suppliers, ChefHero is trying to create an environment that allows for the most lucrative sales for both parties. Restaurants go to ChefHero to order produce, dry goods, meat and more, and thanks to the system that ties together orders from multiple restaurants, they can gain access to deep discounts. They can also see pricing from different vendors all in one place, rather than having to manually compare prices. Suppliers gain access to a huge network of restaurants, and receive bulk payments for ChefHero’s orders, rather than having to track down hundreds of accounts receivable on their own. ChefHero will even set suppliers up on their e-commerce platform, digitally recreate their product list, and handle front-line customer support as part of the service.
Ultimately, ChefHero provides restauranteurs and wholesale suppliers with a one-stop shop for buying and selling food that saves time and money. Thanks to this investment, ChefHero will be continuing its expansion in Chicago and other cities across North America, and continuing to build out its team. The team is currently based in Toronto with over 500 participating restaurants.