Hospitality software provider Nory has raised $16M in Series A funding, taking its total raised to $25 million.
Labour and food costs have risen sharply since 2020, tightening margins for restaurants. The average restaurant’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the UK was just 3% in 2023. Nory offers a proprietary ML-powered platform for hospitality businesses to manage and scale operations and centralise data.
Its technology predicts hourly venue demand for each day based on historical data matched with AI algorithms. These algorithms take into account seasonal trends and hyper local live data on weather and events to help restaurants and cafes manage staffing. It then matches these predictions to other core workflows like stock management to reduce costs and waste.
Working with the likes of Buns from Home, Jamie Oliver Group and Roasting Plant Coffee across the UK, Europe and the US, the company claims they have proven to reduce costs by almost 20% and increase EBITDA by over 50%.
This investment will be used to accelerate product development and international expansion.
The round was led by Accel, with participation from existing investors Cavalry, Playfair, Samaipata and Triplepoint.
On the raise, Sheridan commented: “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.”
Photo by Simon Kadula on Unsplash
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