Nory raises €7M to scale its AI-powered operating system for hospitality and restaurant businesses
Nory, the AI powered operating system for hospitality businesses, has secured €7M in a seed funding round co-led by Triple Point Ventures and Samaipata VC. Participating investors also include Playfair Capital, Cavalry VC and Circlerock Capital. The investment will be used to extend capabilities of Nory’s proprietary technology and accelerate its go-to-market strategy.
Nory centralises the core operational functions needed to run a successful hospitality venue into a single, intelligent application. It analyses data across different business functions, including daily revenue, employee scheduling and supply chain needs. This data is used to suggest operational efficiencies for teams on the ground, enabling them to run venues more efficiently and reduce their costs.
To date, innovation in the hospitality industry has focused on digitising operational workflows from pen and paper. Unfortunately, these digital tools are fragmented and static, typically only serving one or two operational areas, such as managing and sourcing inventory or HR/payroll. Nory’s platform integrates these siloed business functions to facilitate an end-to-end solution. It leverages this completeness of data to improve profitability across a hospitality business’ P&L, from reducing staff costs and turnover to slashing food waste.
Having previously founded and scaled Mad Egg, Ireland’s fastest growing independent restaurant group, Nory CEO Conor Sheridan was disillusioned with the software available and developed the platform to address the pain points within the hospitality industry. In just over 12 months, Conor grew Mad Egg to €6m in turnover and over 100 people. Currently, Nory works with a number of leading brands across the European and UK hospitality sector, including Stonegate Pubs, Viva Italia Group and Dr. Juice.
Conor Sheridan, Founder and CEO of Nory said: “The industry has never faced as many headwinds as it does right now; higher costs, higher staff turnover and lower margins. We believe leveraging technology like Nory will make a huge difference to operators by helping them further professionalise their businesses, increase productivity and ultimately boost profits. Nory offers the recipe for success, providing hospitality managers with all the ingredients to run an efficient and profitable venue. We’re on a mission to empower businesses all over the world to thrive, and this funding will enable us to continue helping the hospitality industry reach its full potential.”
Jamie Tomalin, Investor at Triple Point Ventures states: “We are excited to be backing Nory as they continue their rapid expansion across Europe. Conor’s operating background and relentless drive makes him uniquely positioned to build a data driven OS for hospitality venues. Nory’s intelligent operational insights provide a differentiated proposition in the market, with the substantial operating efficiencies customers report testament to this.”
José del Barrio, Founding and Managing Partner at Samaipata VC comments: "We're thrilled to back Conor on his mission to equip restaurants and hospitality with the most intelligent tools to manage their operations more efficiently. It's an important and very opportune time for such software as the industry with already thin margins faces even more pressure from the economy and workforce to survive by performing better. We believe Conor with his unique experience as a hands-on restaurateur and data-driven founder will be Nory's secret ingredient to becoming a global category leader."
