Get ready for Nory’s AI software to take the hospitality industry by storm!
That’s right folks —we’ve raised $16M in Series A funding to pioneer the use of AI across the hospitality industry. 🥳
It’s not only incredibly exciting news for us, but for the hospitality industry as a whole. It means we can continue to help businesses grow, cut costs, and increase gross profit margins with our real-time insights. Plus, we’ll be bringing AI advancements to more hospitality businesses across the world.
Find out more about funding below!
Why is this good news for the hospitality industry?
The challenges of the sector have been well-documented over the last few years:
- Significant closures over the last few years, and those still trading generated margins of just 3% last year.
- The rise in labour, food, and energy costs.
- The struggle to find and retain seasoned and professional management, with the latest visa requirements hammering the nail in the coffin.
The good news? Nory is helping hospitality businesses overcome these challenges.
Nory is a one-stop shop for restaurants to manage and scale operations. It centralises all of your operational data into a single source of truth, analysing key insights in real-time.
Think of us as an AI restaurant manager, coaching front-line workers on how to run their venues efficiently and profitability. From optimising staffing levels to minimise labour costs to predicting demand and ensuring shelves are stocked with the right inventory — every decision is backed by data.
With these insights, hospitality businesses have the power to make informed and strategic decisions about their business.
“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.
Conor Sheridan, CEO and founder of Nory
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.”
What does the funding mean?
With this new funding, we’re focusing on two main things:
1. Accelerating product development
This latest investment means that we can continue developing our pioneering technology.
Nory currently analyses historical data to predict hourly venue demand for each day with 95% accuracy. These algorithms consider seasonal trends, consumer behaviour, and hyper-local live data on weather and events to help restaurants optimise staffing.
It also matches these predictions to other core workflows, like stock management, to reduce costs and minimise food waste.
Now, think about what we can do with this technology now that we’ve secured our latest funding. 🤯 There’s going to be some epic updates on the horizon, that’s for sure.
2. Prioritising international expansion
We’re currently working with hospitality businesses across the globe, in countries across Europe and North America. Roasting Plant Coffee, Dr. Juice, and I am Döner are a few examples.
“Nory remains a central pillar in supporting our growth and operational excellence.” – Bridie Fox, Head of Operations at I am Döner
But with our latest investment, we can focus even more on bringing Nory to a wider pool of businesses, expanding our reach and supporting hospitality businesses across the world.
What’s next for Nory?
So far, it’s safe to say that Nory has been valuable for the hospitality industry. Working with the likes of Buns From Home, Jamie Oliver Group and Hartshorn-Hook, our users have reduced costs by almost 20% and increased EBITDA by over 50%.
“Nory’s insights mean we can make informed decisions because we know exactly where the business is at. This has been the most important thing as we guide our business into growth.” – George Hartshorn, Food and Beverage Director
And with this latest investment? We can continue supporting these businesses, expanding our reach, and enhancing our technology for the better.
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.
Luca Bocchio, Partner at Accel
