Nory, an Irish AI-powered restaurant management startup, just raised $16 million with this 14-slide pitch deck
- Nory, an Irish startup, has raised $16 million in Series A funding led by Accel.
- Founded in 2020, Nory uses AI to help restaurants manage payroll, inventory, and more.
- Nory plans to use the funding to scale internationally, focusing on Europe and the US.
Nory, an Irish startup that provides an operating system for restaurants, has raised $16 million in funding.
Its SaaS platform aims to bring various business functions, such as payroll, inventory, supply chains, and customer satisfaction in "one place," founder Conor Sheridan told Business Insider. Nory already works with brands like Jamie Oliver Group and Roasting Plant Coffee.
"We're building out the next-gen OS for restaurants," he added.
Sheridan, who ran a group of chicken shops before founding Nory in 2020, said that better insights and data could drastically improve things amid rising labor, food, and energy costs.
"We wrap all the mission-critical stuff into one place rather than having many different point solutions. Restaurant groups have the budget, but it's being spent elsewhere on tools that aren't serving them," Sheridan continued.
Businesses can sign up for annual or multi-year packages of Nory's SaaS package and choose from a "menu" of bundling options, meaning companies can use all of the services or specific parts.
The startup has secured $16 million in a Series A funding round led by Accel. Existing investors, including Cavalry, Playfair, Samaipata, and Triplepoint, also participated in the round, bringing Nory's total raised to $25 million. In a press release issued to accompany the funding announcement, the company claims to have grown its revenues by 400% during 2023.
The new funding will accelerate the company's product development as it looks to scale the business further internationally, specifically in Europe and the US, Sheridan said.
When asked if the money could go on new hires, Sheridan said his priority for Nory, which has around 40 staff, was staying lean.
Check out Nory's 14-slide Series A pitch deck below: