AUSTRALIA – AI-powered restaurant management platform Restoke.ai has secured AU$ 5.1 million (US$3.49 million) in an expansion-oriented funding round led by venture capital leader Rampersand.
Other investors in the funding round include Mandalay Venture Partners, Archangels and US-based VCs BC Growth and Stage2 Capital.
The hospo-tech startup was founded in 2020 by machine learning specialist Ken Brand and former chef and restaurant owner Assaf Stizki.
The platform integrates with restaurant systems to automate operations like food costing, inventory, team management and accounting.
The platform can also provide real-time insights into expenses and identify opportunities for cost savings and profit growth.
According to the co-founders, the platform can save bars and restaurants more than AU$ 8,000 (US$5,475) a week in operating costs.
Since its inception, restoke.ai is used by at least 2,000 restaurants and cafes in New Zealand, Australia, Singapore and the US. Notable clients include Mrs Pho, Yo-Chi and Gradi Group.
The startup revealed it intends to use the funding to fuel expansion into the US.
Ken Brand welcomed the funding by saying, “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.”
“At Restoke, we’re using AI to help restaurants become more profitable and scale without the frustration of managing endless spreadsheets. It’s not just an advantage—it’s essential for success.”
Brand reiterated that the startup’s solution is set to redefine the restaurant industry, especially in the challenging post-pandemic era.
High inflation has placed significant cost pressures on restaurants. These cost pressures, coupled with declining customer demand have created a challenging market environment for players, which makes innovative solutions necessary.
According to Brand, optimizing operations, cost saving and valuable insights are important and will be necessary to mitigate these cost pressures.
Andrew Poesaste, Senior partner at Rampersand, said, “Restoke isn’t just offering another software solution; they’re pioneering a groundbreaking category: Restaurant Intelligence, redefining how the industry operates.”
“They have the potential to transform the industry on a global scale, and now, they’re poised to lead this revolution.”
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