Founded by Conor Sheridan, who previously founded the Mad Egg group of restaurants, Nory wants to help venues run more efficiently.
Nory, a restaurant management software start-up founded by Irish entrepreneur Conor Sheridan, has just announced a €7m seed funding raise to scale its AI-powered technology.
Nory’s AI-powered software analyses data from across a range of functions, including daily revenue, employee scheduling and supply chain needs, which is then used to suggest operational efficiencies and cost reductions.
Previously known as Skueeze, Nory was founded in 2020 and has offices in both Dublin and London. It raised $2m in an early 2021 round led by Berlin’s Cavalry Ventures and London’s Playfair Capital, with participation from Enterprise Ireland and angel investors.
Sheridan, a native of Dublin, is no stranger to the needs of the hospitality sector. A restaurateur himself, Sheridan previously founded fast-growing restaurant group Mad Egg. In the span of a year, he was able to grow the brand to €6m in turnover and employ more than 100 people.
Nory was then born out of his frustration with the lack of proper management software for restaurants.
“Nory offers the recipe for success, providing hospitality managers with all the ingredients to run an efficient and profitable venue,” said Sheridan.
“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.”
The seed funding, co-led by Triple Point Ventures and Samaipata VC, comes at a time when the hospitality sector faces significant economic challenges.
“The industry has never faced as many headwinds as it does right now: higher costs, higher staff turnover and lower margins,” Sheridan went on.
“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.”
In the three years it has been around, Nory has added some big UK and European names to its clientele, including Stonegate Pubs, Viva Italia Group and Dr Juice.
Jamie Tomalin, an investor at Triple Point Ventures, said that Sheridan’s background and “relentless drive” make him “uniquely positioned” to build a data-driven operating system for hospitality venues.
“We believe that 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,” added José del Barrio, founding and managing partner at Samaipata VC.
“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.”
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