By Lea Mira, RTN Staff Writer - 5.30.2024
Restaurant management software startup Nory has raised $16 million in a Series A funding round. The funding round was led by Accel and supported by existing investors Cavalry, Playfair, Samaipata, and Triplepoint. This brings Nory’s total funding raised to $25 million and will be utilized to accelerate product development and expand internationally.
Nory, founded by Dublin-native entrepreneur Conor Sheridan, who previously established the restaurant group Mad Egg, has developed an AI platform specifically designed for hospitality businesses. These businesses often face challenges related to rising costs and require efficient management and scalability. Nory’s platform utilizes real-time data analysis and acts as an AI-powered venue manager, assisting managers in running restaurants and cafes more efficiently.
The technology developed by Nory has seen significant success, with revenue reportedly growing by 400% last year. The platform reportedly has the ability to predict hourly venue demand for each day with 95% accuracy, utilizing historical data and AI algorithms. These algorithms take into account seasonal trends, hyperlocal live data on weather and events, and help restaurants and cafes manage staffing. Additionally, the predictions are matched with other key workflows such as stock management, aiding hospitality businesses in reducing costs and waste.
The latest funding comes at a time when the restaurant industry is facing unprecedented challenges and complexities. Operators do not require more tools and apps that digitize every micro-workflow, but rather technology that provides real control over their business, profitability, and destiny. The industry is still under-digitized, lacking centralized solutions that provide businesses with granular data insights into their own operations. Nory’s AI-powered operating system fills this gap by offering restaurants easy-to-use access to a central, real-time source of truth, delivering fast return on investment. The Irish company aims to systemize success for the restaurant industry with the help of the Series A funding.
Previously known as Skueeze, Nory raised $7.5 million in a seed funding round co-led by Triple Point Ventures and Samaipata VC approximately a year ago. Prior to that, it raised $2 million in an early 2021 round led by Cavalry Ventures and Playfair Capital. Nory’s product is described as an “AI restaurant manager” that provides data-backed insights to help hospitality businesses optimize staffing levels, predict demand, select the right inventory, and make strategic decisions.
Nory is currently working with hospitality businesses across Europe and North America and aims to expand its reach globally with the new investment. The company’s platform has proven to be a valuable tool for the industry, offering real-time performance insights, AI-predicted ordering and food prep, AI-powered scheduling, inventory management, and fully managed payroll services. With its innovative technology, Nory is poised to help restaurants thrive in an increasingly competitive landscape.
