Restaurant tech Restoke.ai gets $5.1m in Rampersand funding
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The news: Restoke.ai, an AI-powered restaurant management platform, has received $5.1 million funding to expand in a round led by Rampersand with other investors including Mandalay Venture Partners, Archangels, and US-based VCs BC Growth and Stage2 Capital.
The numbers: The Melbourne-based startup, founded in 2020, uses artificial intelligence to automate and optimise various aspects of restaurant operations.
The platform claims to have helped restaurants and bars save more than $8,000 per week within just four weeks of implementation, with larger chains reporting annual savings in the millions. The platform is currently used by over 2,000 restaurants and cafes across Australia, New Zealand, Singapore and the US.
The context: The hospitality industry has been grappling with rising costs, inflation, and the aftermath of the COVID-19 pandemic. Restoke.ai's technology aims to address these challenges by providing real-time insights into expenses, allowing restaurant owners to identify cost-saving opportunities and increase profits. The funding will primarily be used to fuel Restoke.ai's expansion into the US market.
What they said: "In just a few years, no one will be able to imagine running a restaurant without the power of AI driving efficiency, customer experience, and decision-making," said Restoke.ai co-founder Ken Brand.
Rampersand partner Andrew Poesaste added, "Restoke isn't just offering another software solution; they're pioneering a groundbreaking category: Restaurant Intelligence, redefining how the industry operates".
The source: Restoke.ai press release
