Dublin-headquartered Nory, an AI operating system that helps hospitality businesses, announced that it has raised $16M (nearly €14.72M) in a Series A round of funding, bringing its total raised funding to $25M (nearly €23M).
The round was led by global venture capital firm Accel. Existing investors including Cavalry, Playfair, Samaipata, and Triplepoint also participated in this round.
Luca Bocchio, Partner at Accel, says, “Restaurants are under increasing pressure to improve operational efficiency and productivity. The industry is still under-digitised, with fragmented point solutions that prevent businesses from gaining more granular data insights on their own operations.”
“Nory’s AI-powered operating system provides restaurants with much-needed access to a central, real-time source of truth, which is easy to use and delivers fast ROI. We’ve been impressed by the early traction and strong customer engagements the Nory team has already achieved and Conor’s deep industry knowledge.”
Helping hospitality businesses boost profitability
Nory was founded in 2021 by Conor Sheridan, who previously started and expanded Mad Egg, Ireland’s fastest-growing independent restaurant group. Dissatisfied with existing software, Sheridan created Nory to solve common issues in the hospitality industry.
Nory’s AI-powered operating system for the hospitality industry combines key operational functions into one single application, analysing data from daily revenue, employee scheduling, and supply chain needs. This helps hospitality venues run more efficiently and cut costs.
The company’s technology predicts hourly venue demand for each day with 95 per cent accuracy by using historical data and AI algorithms. These algorithms consider seasonal trends and local live data on weather and events, helping restaurants and cafes manage staffing effectively.
Additionally, Nory matches these predictions with other core workflows, such as stock management, to reduce costs and waste.
Today, Nory works with “leading” brands in Europe and the UK, such as Jamie Oliver, Stonegate Pubs, and Viva Italia Group. The company claims to have witnessed a 400 per cent increase in revenue in 2023.
Capital utilisation
The funds will help Nory to speed up product development and expand internationally.
Founder Sheridan says, “The industry is facing challenges and complexities like never before. Operators don’t want more tools and apps that digitise every micro-workflow. They need technology that can give them real control over their business, their profitability and their destiny.”
“Nory is on a mission to help systemise success for the restaurant industry and to stack the odds in their favour. Our Series A funding will help us on our path to building the world’s largest restaurant technology company.”
Brief about Accel
Accel was started in 1983 by Arthur Patterson and Jim Swartz. The global venture capital firm is known for partnering with “exceptional” teams from the start and supporting them through all stages of private company growth.
Accel has invested in companies such asude Atlassian, Braintree, Cloudera, CrowdStrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshWorks, Jet, Qualtrics, Slack, Spotify, Supercell, UiPath, and Vox Media.
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