Nory, an innovative platform that uses artificial intelligence to improve restaurant operations, has recently announced the successful completion of a $37 million Series B funding round. Kinnevik led this funding and brings the total amount raised by the company to $62.6 million, which is noteworthy considering this achievement comes just a year after their Series A funding round. This new investment signifies a significant step forward in Nory’s commitment to provide hospitality operators with advanced solutions that not only make their businesses more profitable but also more sustainable.
The hospitality sector is currently experiencing several challenges that are affecting its stability and profitability. Issues such as rising taxes, inflation, labor shortages, and increasing costs imposed by government regulations are placing unprecedented pressures on restaurant profit margins. In response to these evolving challenges, Nory was created to provide restaurant operators with the tools and capabilities they need to effectively manage their operations and regain control over their profitability.
The recent funding round indicates a strong level of confidence from investors in Nory’s vision and the rapid growth the company has achieved. Since completing its Series A funding, Nory has seen remarkable progress. The company has tripled its revenue, expanded its reach to international markets, and doubled its workforce to meet the increasing demand for its services. The use of Nory’s AI technology has yielded measurable improvements for its clients, enabling restaurants to reduce their operating costs by nearly 20 percent and increase their net profits by as much as 50 percent. Additionally, Nory’s platform has helped its clients save over 100 hours of administrative work each month, enhancing overall efficiency. The company’s clientele includes a variety of businesses, ranging from independent restaurants to well-known global brands such as Black Sheep Coffee, the Jamie Oliver Group, and Dave’s Hot Chicken.
With the new funding secured, Nory has ambitious plans to accelerate its product development and expand its market presence. The company aims to hire top-tier data scientists who can further enhance its proprietary AI platform. They are also planning to roll out autonomous AI assistants designed to help restaurant operators streamline their operations. Furthermore, Nory has set its sights on entering the U.S. market, which is recognized as the largest restaurant economy in the world, offering significant growth potential.
In addition to securing support from Kinnevik, Nory’s Series B round also saw continued backing from other leading investors such as Accel, Base10, Triple Point, and Samaipata. This strong consortium of investors highlights the growing belief in Nory’s mission to transform the hospitality industry through intelligent technology. As Nory continues to grow, it remains focused on empowering hospitality operators while providing solutions to navigate the complex challenges of the modern restaurant landscape.
KEY QUOTES:
“At a time when hospitality is under pressure, we are putting restaurants back in control of their profitability and their destiny.”
“The future of hospitality isn’t robots or gimmicks — it’s AI that makes restaurants smarter, leaner, and more profitable, with automation that frees teams up to focus on what matters: great food and even greater customer experiences.”
Conor Sheridan, Founder and CEO of Nory
“Nory is rewriting the hospitality playbook… With our support, Nory will go even deeper on AI and bring the next wave of innovation to restaurant owners in the UK and beyond.”
Jose Gaytan de Ayala of Kinnevik
