After working his personal ghost kitchen, Keto Kitchen, in Austin for the previous yr, serial entrepreneur John Meyer noticed that fintech assets for the trade have been missing.
When Keto Kitchen had good gross sales within the first quarter, Meyer went to the financial institution to ask for enlargement financing and recalled the banker asking him what a ghost kitchen was. That informed him there was a chance for a data-driven financing device for most of these eating places.
“Even when bankers did find out about it they didn’t have know-how to correctly underwrite them,” he added. So as a substitute, Meyer, founder and CEO, created Ghost Financial to initially do two issues: present what he touts as “the primary cash-back bank card for meals and beverage stock” and use knowledge and know-how to underwrite restaurant enlargement loans and credit score limits for the cardboard.
The bank card affords 1% money again on purchases, which could be fairly profitable, particularly if ghost kitchens spend, on common, about $40,000 a month for stock from their suppliers, he added.

Ghost Monetary founder John Meyer. Picture Credit: Ghost Monetary
Ghost Monetary can also be creating API integrations with point-of-sale methods, like Toast, and supply apps, like DoorDash, so it may possibly pull metrics that signify areas together with operational well being and effectivity, hourly and each day gross sales, common meals preparation ties, rankings and evaluations to find out credit score restrict and supply an immediate mortgage resolution.
For those who’re questioning the place you’ve heard Meyer’s title, you could keep in mind him from 2015 when he was constructing Fresco News, a crowdsourced community for breaking information, or as co-founder of Homebound, the place he’s nonetheless an advisor.
Meyer was candid about his journey beginning Homebound with Jack Abraham. This occurred to be across the time he misplaced his father to despair, and Meyer determined to take a while off to deal with therapeutic, and a few year-and-a-half in the past, he began quite a lot of facet ardour tasks, together with angel investing, advising and beginning Keto Kitchen.

Ghost Monetary card app. Picture Credit: Ghost Monetary
“I went from a seasoned tech entrepreneur to working 12 hours a day within the kitchen with cooks and dishwashers,” he stated. “That dive into the service trade taught me rather a lot. Eating places have small revenue margins, possibly 5% or much less. There are extraordinarily exhausting staff, and it seems, a overwhelming majority of the trade, particularly ghost kitchens, are paying for stock with a verify, money or ACH and never benefiting financially from a five- or six-figure per thirty days expense.”
Meyer cited research exhibiting that by 2030, ghost kitchens will probably be a $1 trillion trade. So to get in entrance of the demand and additional develop Ghost Monetary’s first two core merchandise, the corporate took in a $2.5 million pre-seed spherical to construct engineering and advertising and marketing groups.
He secured a various mixture of buyers, together with HOF Capital, 305 Ventures, Hustle Fund, Lively Capital, Anthony Ghosn, The Council, Amber Illig, Sarah Kaney, Meg Fitzpatrick, Samantha Stein, Sabrina Halper, Kosinski Ventures, Home Capital, Starship Ventures, Ben Yu, Adam Guild, Cory Levy, Ditec Ventures, Draft Ventures, Pareto20 and Kepler Operator Fund.
“I’m a giant believer in funding for bringing in strategic experience and extra capabilities in order that we will transfer faster,” Meyer stated. “That is an apparent idea that I’m shocked was not constructed earlier than.”
He says there are a couple of rivals on the market which can be nonetheless in stealth mode, however Ghost Monetary’s secret sauce is its empathy-first method that cares about operators slightly than asking them to spend 30% of their income on instruments. As a substitute, his firm makes cash via the bank card interchange charges, pulling in round 2% in charges, of which half goes again to the operator within the type of the money again.
Others are additionally seeing pent-up demand on this space and are offering some fascinating choices. For instance:
- Melon Kitchens is an Indianapolis-based delivery-only restaurant accelerator for Black cooks that features a three-month program to information rising meals entrepreneurs from concept to check kitchen to income era. The mission is backed by Kelli Jones of Sixty8 Capital.
- MayaEats’ One Stop Kitchen capabilities as a associate with underperforming eating places to renovate their bodily shops, digitize them and convert them into fast-casual eating places and achievement facilities.
- Final yr, Inspire Brands launched Alliance Kitchen in Atlanta, touted as “the primary ghost kitchen operated by a multi-brand restaurant” that features Arby’s, Buffalo Wild Wings, Jimmy John’s, SONIC Drive-In and Rusty Taco.
We’ve additionally seen different instruments for ghost kitchens obtain funding. For instance: CloudKitchens, Travis Kalanick’s ghost kitchen startup, raised $850 million at a $15 billion valuation in January. And All Day Kitchens, which raised $65 million in Sequence C funding for its method to enabling eating places to share their meals throughout a metropolis utilizing satellite tv for pc kitchens. We additionally noticed Popchew, Lunchbox, Forward Kitchens, Muy, JustKitchen and robotic kitchens like YPC increase funds up to now yr.
In the meantime, Meyer expects to launch the instruments later this yr with some $27 million in dedicated minimal spending, which he says is prone to triple and quadruple because it rolls out the bank card.
Up subsequent, the corporate’s third product will deal with restaurant insurance coverage — one of many largest ache factors — and the fourth one will probably be on an optimized payroll system. All of which can put Ghost Monetary in place as a one-stop store for the finance and enterprise wants of ghost kitchens and eating places.