Zitti Closes $4M to Provide FinTech Platform to Restaurant Owners and Food Industry Organizations

0

LOS ANGELES, March 15, 2022 /PRNewswire/ — Zitti– a first-of-its-kind payment and credit platform designed for food industry management and suppliers – launched today to transform food industry operations by offering restaurants and foodservice providers of small and medium size the same advantages as the big chains. The company raised a first $4 million to grow the team and expand the capabilities of its proprietary technology. The founders of Zitti Dante DiCicco (early Instantaneous manager and restaurateur) and Erek Benz (co-founder of CREXI and other transformative marketplace platforms) have built this holistic fintech solution to level the playing field in the restaurant industry with access to secure universal payment terms with transparent and competitive food prices that provide AI-powered analytics and insights to streamline restaurant operations from a single platform.

“Zitti would have transformed the early years of Mendocino Farms,” said Mario Del Pero, Mendocino Farms Co-founder and member of the executive committee. “Having access to streamlined payments with terms we could only dream of and a thriving market cushion would have saved us so many sleepless nights. -change for restaurants.”

With first-hand knowledge of the challenges facing restaurateurs, Zitti is the only fintech company created by restaurateurs for restaurateurs. Designed to make the food supply chain work for everyone, Zitti builds a community for independent restaurants to learn and grow together. Zitti’s key differentiator enables small organizations to survive unpredictable external business impacts while ensuring their ability to compete with large restaurant chains.

“Local restaurants are facing tough new challenges due to the pandemic, but unreasonable payment terms and outdated shopping systems have been obstacles for decades. Small and medium-sized restaurants need a competitive boost, and our platform will bring great benefits,” said Dante DiCicco, CEO and co-founder, Zitti. “I grew up watching my parents juggle paper processes and struggle with cash flow to stay afloat. Dealing with these issues is personal to me. For too long, independent restaurants (like DiCicco) have paid more for their food products than the larger chains, received less favorable payment terms and lacked visibility into how their costs stacked up against those of the industry as a whole.”

While other companies seek to fix one piece of the complex restaurant and vendor payment system, Zitti’s mission is to be the solution that streamlines and powers the entire food supply chain. “Our platform will save restaurant owners, food service managers and suppliers time and money in a number of ways, including cloud-based invoice management, strategic insights into habits inefficient buying and spending, and buying without all the bureaucracy,” continued DiCicco. “The support of so many leading investors, restaurateurs and food industry veterans speaks volumes about the void that Zitti is filling in the restaurant industry.”

“Zitti’s market potential is immense, with over 900,000 restaurants and counting $240 billion in the domestic food supplier business,” said Ryan MorganGeneral director, Crossbeam Venture Partners. “With a unique background and incredible expertise, the Zitti team has their finger on the pulse of how technology can improve the food industry. Zitti will give restaurateurs peace of mind that was not available before.”

Besides Crossbeam, Zitti’s other investors include Vera Equity, a venture capital firm co-led by Michael Vaughan (Venture Partner at Oak HC/FT, former COO at Venmo) and Jonathan Pomeranz (Partner, Head of FinTech Practice and Co-Head of Global Financial Services at True Search) and Broadhaven Ventures, Led by Co-Founder and Partner Michael Sidgmore.

Zitti has also received investment from Snap executives and alumni and a suite of key investors in finance, technology and restaurants. These include Donald MooreFormer Culinary Chef of Cheesecake Factory, Rodney Williamsformer President and CEO of Belvedere Vodka, Michel TannenbaumCOO of Brex / Former CRO of SoFi, Jeff CruttendenCo-founder of Say and Acorns, Andy Cohenformer Vice President of Sales at Bill.com, Chris CampVP of Sales at DoorDash, and more.

About Zitti

Founded by and for restaurateurs, Zitti is changing the way the restaurant industry works by helping small and medium-sized businesses thrive and grow. With a one-of-a-kind operating solution, the scalable mission-driven solution simplifies payments, credit, and analytics without being overwhelming. Based in Los Angeles, Zitti currently serves select beta customers on the platform and will expand to new markets later this year. Learn more about https://www.zitti.com/.

Media contact(s):
capsules of joyIntersection of communications
[email protected]
843-730-3857

Andy HagedonIntersection of communications
[email protected]
843-513-4447

SOURCE Zitti

Share.

About Author

Comments are closed.