Restoke.ai, an AI-driven restaurant management platform, has secured $5.1 million in funding led by Rampersand, with participation from Mandalay Venture Partners, Archangels, and US-based BC Growth and Stage2 Capital.
Founded in 2020 in Melbourne, Restoke.ai uses artificial intelligence to streamline restaurant operations. The platform has reportedly saved restaurants and bars over $8,000 per week within just four weeks of implementation, with larger chains seeing annual savings in the millions. Currently, more than 2,000 restaurants across Australia, New Zealand, Singapore, and the US are using Restoke.ai.
The funding comes as the hospitality industry faces challenges like rising costs and the impact of the COVID-19 pandemic. Restoke.ai aims to provide real-time insights into expenses, helping restaurant owners reduce costs and boost profitability. The new funds will support the company’s expansion into the US market.
