Nory raises $2m in pre-seed funding to expand its restaurant management platform.
The pre-seed round was co-led by Cavalry Ventures and Playfair Capital.
≈ £1.5M at $1 = £0.7258 on 14 Apr 2021
Dublin-based Nory provides an artificial intelligence platform designed to automate and manage restaurant operations.
Dublin-based Nory has secured $2m in pre-seed funding to expand its artificial intelligence platform for restaurant management. The round was co-led by Cavalry Ventures and Playfair Capital, with participation from Enterprise Ireland and various angel investors.
Founded in June 2020 by Conor Sheridan, the company plans to use the capital to scale its operations and bring its automation technology to independent restaurants and smaller chains globally. Nory currently serves 25 customers and is preparing to launch a pilot project with McDonald's.
From the founder
"Even prior to the pandemic, restaurants have faced a hugely challenging trading environment. The industry has low barriers to entry, meaning it’s super competitive and tough to differentiate. It’s also a labour intensive business with operating costs rising on multiple fronts, from ingredients to delivery aggregators. It leaves little room for error. While the last 12 months have been devastating for the industry, it has also clearly highlighted the need for an evolution in the way of working. Restaurants of all shapes and sizes need to get more from every dollar spent,"
Conor Sheridan
CEO and founder at Nory
Investor perspective
"We always pay immediate attention when we see that the founder has a deep understanding of the industry and its processes. That is the basis for an extraordinary product. And the product – as expected – absolutely convinced us: logically structured and intuitive to use, tailor-made for the hectic life of restaurant owners,"
Stefan Walter
Managing partner, Cavalry Ventures
