Nory, a hospitality software provider, has secured $16M in Series A funding, bringing its total funding to $25M.
This investment round was led by Accel, with existing investors Cavalry, Playfair, Samaipata, and Triplepoint also participating.
In response to rising labor and food costs since 2020, which have significantly squeezed restaurant margins, Nory has developed a proprietary machine learning-powered platform designed to help hospitality businesses streamline operations and centralize data.
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The platform utilizes historical data and AI algorithms to predict hourly venue demand daily, factoring in seasonal trends and hyper-local live data such as weather and events. This predictive capability assists restaurants and cafes in optimizing staffing and matching demand predictions to other core workflows like stock management, thereby reducing costs and waste.
Nory’s technology has been adopted by notable clients including Buns from Home, Jamie Oliver Group, and Roasting Plant Coffee across the UK, Europe, and the US. The company claims its platform can reduce costs by nearly 20% and boost EBITDA by over 50%.
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