Restaurant Supply Chain Platform xtraCHEF Adds Former Venmo COO As Adviser

Oak HT/FC Executive in Residence Michael Vaughan will now serve as an advisor for accounts payable and automation and business intelligence firm xtraCHEF, where he’ll help the company expand software offerings.

At Oak HT/FC, Vaughan develops, advises and invests in new FinTech businesses, according to a press release.

Vaughan was also former COO at Venmo. There, he was able to run the business for eight years as it grew into 40 million active users, with a revenue run rate of $300 million.

Otherwise, Vaughan has been known to serve as an independent advisor on various boards and to several enterprise and consumer tech companies, the release states.

XtraCHEF is looking to work with him to “inform various product initiatives” in 2020. The company works on automating the manual tasks in restaurants usually done by chefs, restaurant managers, bookkeepers and others.

XtraCHEF co-founder and CEO Andy Schwartz calls Vaughan a “FinTech visionary” who “offers invaluable experience in helping to shape our product road map.”

Vaughan is quoted in the release as saying he wants to help enact better ways for restaurants to “pay and get paid,” particularly in light of the weaknesses in the system exposed by the coronavirus pandemic.

“Digital payments for the restaurant supply chain are long overdue, and the coronavirus pandemic has made that more apparent than ever,” he is quoted as saying. “Restaurants and their suppliers simply need a better way to pay and get paid, and xtraCHEF is in a great position to solve this problem as they continue expanding the software and services they provide to the industry.”

Restaurants have been debilitated by the pandemic, as their go-to service model of dine-in seating and large populated customer bases is at odds with the dangers of the coronavirus. Analysts have predicted grim futures, saying as many as 25 percent of restaurants won’t be able to reopen once the pandemic is over.

Meanwhile, customers have been spending more at grocery stores despite restaurants’ efforts to offer takeout, curbside pickup and delivery options.