Dublin-based Nory is touted to be the future of restaurant management. Now, the company raised $2 million (nearly £1.5 million) in a pre-seed funding round.
Aims to help restaurants around the world
The investment round was led by Cavalry Ventures and Playfair Capital along with participation from Enterprise Ireland and leading angel investors from Europe and the US. The company uses AI and automation to help restaurants manage the complete suite of operations from staffing to stock management with a click of a button. This round comes at the right time when there is a relaxation of restrictions on restaurants permitting outdoor dining in London from today.
“While the last 12 months have been devastating for the industry, it has also clearly highlighted the need for an evolution in the way of working. Restaurants of all shapes and sizes need to get more from every dollar spent,” said Conor Sheridan, CEO and founder at Nory.
He added: “AI and automation will define the future of restaurant management – and Nory will be at the forefront of supporting these businesses to achieve a more sustainable and profitable future. We are delighted to have some of the sharpest minds in the investment community supporting us on this mission.”
This expertise has also convinced the investors: “We always pay immediate attention when we see that the founder has a deep understanding of the industry and its processes. That is the basis for an extraordinary product. And the product – as expected – absolutely convinced us: logically structured and intuitive to use, tailor-made for the hectic life of restaurant owners,” said Stefan Walter, managing partner at Cavalry Ventures.
“Given the relaxation of restrictions today permitting outdoor dining in England, this is a particularly important announcement. There has never been a time when restaurants needed more support to run efficient operations and Nory was founded by successful restaurant entrepreneur Conor Sheridan to do exactly that,” said Chris Smith, managing partner at Playfair Capital.
Smith also informed UKTN that Nory’s waitlist includes a number of UK companies and in terms of on the ground operations their sales/partnerships will be based in the UK, “probably out of Warner Yard, Playfair’s Founders Studio.”
Future of restaurant management!
Founded by Conor Sheridan in 2020, Nory pulls the restaurant’s world together into a single centralised point. Its AI supports restaurant teams by learning and predicting the needs of the business. Also, it helps them execute operations more effectively. From what inventory to order, to what recipes to prepare and who to staff and when, Nory empowers data-based decision making across the full-suite of restaurant operations.
To date, such products have been reserved for a few restaurant chains at the top of the market. Nory is now looking to offer this game changing tech to smaller chains as well as individual restaurants.
It has a team of eight employees and serves 25 customers. While Nory is looking to offer the technology to smaller chains as well as individual restaurants, the product has also caught the eye of some of the world’s biggest restaurant chains. In the upcoming quarter, Nory will launch a pilot project with McDonald’s.