Hospitality tech start-up Nory has raised €7 million in a seed funding round to further develop its technology and support its market strategy.
The round was co-led by Triple Point Ventures and Samaipata VC, with participation from previous investors Playfair Capital and Cavalry VC, and Circlerock Capital.
Nory offers artificial intelligence and automation technology to help restaurants manage everything from staffing and stock management to promotional campaigns, using data analysis to suggest potential operating efficiencies and help businesses cut costs. The investment will be used to extend the capabilities of the technology.
“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,” said Conor Sheridan, founder and chief executive of Nory. “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.”
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Mr Sheridan said the idea for Nory came from his own experience with restaurant chain Mad Egg, which he cofounded in 2018 and helped grow to €6 million in revenues within 14 months.
He built a management system for the restaurants that helped to control costs – an early version of what later became Nory’s core technology.
Nory now works with brands across the European and UK hospitality sector, including Stonegate Pubs, Viva Italia Group and Dr Juice.
“Conor’s operating background and relentless drive makes him uniquely positioned to build a data driven OS for hospitality venues,” said Jamie Tomalin, Investor at Triple Point Ventures. “Nory’s intelligent operational insights provide a differentiated proposition in the market, with the substantial operating efficiencies customers report testament to this.”
