Yi-haa! 🤠
Our portfolio company Nory has secured USD 16 million in a Series A funding round led by Accel, taking its total raised to USD 25 million, following 400% revenue growth in 2023. Congrats to Conor Sheridan and the entire team!
We as existing investors next to Playfair , Samaipata, and TriplePoint Capital also participated in the round.
Cavalry Ventures initially joined Nory in April 2021 during their pre-seed round.
Nory has created a proprietary AI-powered platform for hospitality businesses to manage and scale operations, and vitally increase profitability through centralising all of the key operational data into a unique single source of truth.
The sector's challenges are well documented: significant closures, low EBITDA margins of just 3% last year, and rising costs for labour, food, and energy. Additionally, a post-pandemic talent drain has made finding experienced management nearly impossible.
Nory's AI analyses data in real-time and acts as an AI-venue manager to coach front-line workers on how to run their venues efficiently and profitability. It uniquely centralises key operational data into a unique single source of truth.
Its technology predicts daily hourly venue demand with 95% accuracy using historical data and AI algorithms, considering seasonal trends and hyper-local live data on weather and events. It seamlessly integrates these predictions into core workflows like stock management to cut costs and minimise waste.
Working with the likes of buns from home, The Jamie Oliver Group, and Roasting Plant Coffee across the UK, Europe, and the US, Nory has proven to reduce costs by almost 20% and consistently increase EBITDA by over 50%.
The hospitality industry needs a co-pilot to navigate today's challenges. That's why we are happy to continue to support Nory on its mission of setting up the sector for success.
Please reach out to me if you want to get in touch with the team!
#AI #Hospitality #Tech #VC
Quietly too. 🙏✨