- Companies
- Plate IQ
Plate IQ Funding, Investors & Competitors
Plate IQ has raised $165M across 3 funding rounds, most recently a $160M Series B in November 2021.
Last Plate IQ funding round
$160M
Series B · Nov 2021
Cumulative funding Plate IQ raised
$165M
across 3 funding rounds
Key investors in Plate IQ
Y Combinator
Initialized Capital
CEAS Investments
FTV Capital
Eileses Capital
Tamares
The Restaurant Group
Cameron Walters
About Plate IQ
Plate IQ is accounts payable automation software tailored for restaurants that extracts line-item details from invoices and automatically matches them to general ledger accounts. The platform processes paper and digital invoices through optical character recognition and machine learning algorithms. It connects seamlessly with QuickBooks Online, Xero, Sage Intacct, and point-of-sale systems including Toast, Square, and TouchBistro. Headquartered in New York City since its founding in 2017, Plate IQ supports multi-location chains and independents across the United States by streamlining vendor payments and spend analytics.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Plate IQ Funding History
Plate IQ has raised a total of $165M across 3 funding rounds.
Plate IQ's first fundraising round was a $500K seed round in August 2015. The most recent completed round was a $160M Series B in November 2021.
Plate IQ funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2021 | Series B | FTV Capital (lead) | $160M | Plate IQ, a San Francisco-based accounts payable (AP) automation and payments platform tailored for restaurants, hospitality, hotels, country clubs, and accounting services, raised $160 million in Series B funding from FTV Capital in early November 2021. The funding aims to accelerate growth of its VendorPay network, which enables direct payments to over 180,000 vendors with cash back incentives, and expand into adjacent verticals like grocery, retail, professional services, and construction. FTV Capital partners Robert Anderson and Gary Weber joined the board alongside co-founders Bhavuk Kaul (transitioning to president) and Ram Jayaraman, with Barrett Boston appointed as new CEO from TriNet. Founded in 2014 and Y Combinator alum from 2015, Plate IQ processes over 50,000 invoices daily across 20,000 business locations and more than $1 billion in direct vendor payments annually as of late 2021. Post-pandemic, it added over 8,000 customers since March 2020 and handled over $2 billion in invoice payments via VendorPay by October 2021, capitalizing on demand for digital B2B payments and back-office automation in a $3.3 trillion middle-market opportunity. The platform's vertical-specific integrations position it as a leader in restaurant AP, from fine dining to fast food chains. FTV Capital, with nearly $4 billion raised for high-growth firms in payments and enterprise tech, views Plate IQ as a convergence of vertical software and digital payments, having tracked it since 2018. |
| Mar 2017 | Series A | Eileses Capital (lead); Tamares; Y Combinator; Initialized Capital; The Restaurant Group; CEAS Investments | $4M | Plate IQ raised $4 million in a seed funding round on March 21, 2017, led by Eileses Capital, with participation from Initialized Capital, The Restaurant Group, Y Combinator Continuity Fund, and Tamares Group. Plate IQ provides accounts payable automation, food costs analytics, bill pay, inventory, and recipe costing tools for restaurants, digitizing paper invoices to enable real-time food cost tracking and vendor price alerts. At the time, Plate IQ served thousands of top-tier U.S. restaurants including Nobu, Thomas Keller Group, Mixt, Vino Volo, Quince, and Tender Greens, processing over 150,000 invoices worth more than $50 million monthly and tracking prices for over 500,000 SKUs from 14,000 vendors. The Plant Cafe saved $150,000 in labor costs in its first year using the platform. The funds supported expansion into additional markets and integration with suppliers like Sysco and US Foods. |
| Aug 2015 | Seed | Michael Ducker; Y Combinator; Cameron Walters | $500K | - |
Who has invested in Plate IQ?
9 investors have backed Plate IQ across its funding rounds, including Y Combinator, Initialized Capital, CEAS Investments, FTV Capital, Eileses Capital and Tamares.
Lead investors include FTV Capital and Eileses Capital.
Plate IQ Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Aug 2015 | ||
| 1 | Participant | Aug 2015 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Aug 2015 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Lead | Mar 2017 | ||
This data is available for Pro users. Sign up to see all 9 Plate IQ investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPlate IQ Competitors
Plate IQ competitors include listed companies like Toast and Newland Digital Tech, and private ones like Khatabook, Rippling, Replit and Chowbus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $9M | - | $600M | 66.7x | ||
| Publicly listed | $6.2B | $359M | $18B | 2.3x | ||
| Private | $570M | - | $17B | 29.5x | ||
| Private | $1B | - | $9B | 9.0x | ||
| Private | $120M | - | $4.2B | 35.0x | ||
| Publicly listed | $1.3B | $189M | $3B | 1.5x |
Plate IQ Public Comps
Plate IQ is still privately-owned, but its public comps include SAP, Intuit, Workday, Corpay, Toast, Sage, Xero, ServiceTitan, BILL.com and TOTVS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $42B | $13B | 5.8x | 5.4x | 18.4x | 17.1x | |||
| $21B | $6.9B | 4.0x | 3.9x | 12.2x | 9.1x | |||
| $9.6B | $1.2B | 5.1x | 4.7x | 42.0x | 14.2x | |||
| $4.5B | $2.4B | 7.6x | 6.8x | 14.1x | 12.7x | |||
| $6.2B | $359M | 2.6x | 2.3x | 44.6x | 20.8x | |||
| $3.4B | $1B | 4.2x | 3.9x | 13.6x | 14.5x | |||
| $1.6B | $454M | 5.3x | 4.5x | 18.4x | 17.4x | |||
| $961M | ($86M) | 5.0x | 4.5x | (55.8x) | 25.5x | |||
This data is available for Pro users. Sign up to see all Plate IQ competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Plate IQ
| When was Plate IQ founded? | Plate IQ was founded in 2014. |
| Where is Plate IQ headquartered? | Plate IQ is headquartered in San Francisco, CA, United States. |
| Is Plate IQ publicly listed? | No, Plate IQ is a private, VC-backed company. |
| How much funding has Plate IQ raised? | Plate IQ has raised $165M across 3 funding rounds. |
| What was Plate IQ's last funding round? | Plate IQ's last funding round was a $160M Series B in November 2021, led by FTV Capital. |
| Who are Plate IQ's investors? | Plate IQ's investors include Y Combinator, Michael Ducker, Tamares, Initialized Capital, Cameron Walters, The Restaurant Group, Eileses Capital, CEAS Investments and FTV Capital. |
| Which companies are comparable to Plate IQ? | Companies comparable to Plate IQ include Khatabook, Toast, Rippling, Replit, Chowbus and Newland Digital Tech. |
See companies similar to Plate IQ
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




