AI-Powered Efficiency: Restoke.ai Gains $5.1 Million in Funding for U.S. Expansion

Australian hospitality-tech start-up Restoke.ai has successfully raised $5.1 million in a funding round led by Rampersand, an ANZ venture capital firm. The AI-powered restaurant management platform claims to save restaurants and bars over $8,000 per week in operating costs within just four weeks. Other investors in this round include Mandalay Venture Partners, Archangels, and U.S.-based firms BC Growth and Stage2 Capital.

The funding will primarily support Restoke.ai’s expansion into the U.S. market, following growth in international markets over the past four years. By automating various processes, the platform will enhance profitability for restaurant and café owners, who have already reported considerable cost reductions using its technology.

Founded in 2020 by former chef Assaf Stizki and AI specialist Ken Brand, Restoke.ai is an AI-driven management platform streamlining restaurant operations by integrating existing systems. The platform automates crucial tasks such as food costing, inventory management, team coordination, and accounting, providing real-time insights into expenses and identifying potential cost-saving opportunities. As a result, restaurants can enhance profitability and growth.

Restoke.ai’s technology is currently utilized by over 2,000 restaurants and cafes across Australia, New Zealand, Singapore, and the United States, including well-known establishments like Gradi Group, Mrs Pho, and Yo-Chi. 

Co-founder Assaf Stizki stated that many restaurant owners often focus more on food quality than on essential business metrics, which can lead to financial issues going unnoticed until it is too late. 

Venture capitalists recognize Restoke’s potential to change the hospitality industry. Andrew Poesaste from Rampersand notes the company’s plans to product excellence and usability, which has made a significant impact. 

Timothy Hui from Mandalay Venture Partners highlighted how Restoke’s technology helps restaurant owners manage costs effectively while optimizing food waste and inventory control processes, particularly in light of the pandemic and rising inflation.

Ken Brand, co-founder of Restoke.ai, believes that in the coming years, the restaurant industry will find it unimaginable to operate without AI, enhancing efficiency, customer experience, and decision-making. He emphasized that Restoke leverages AI to boost profitability and facilitate growth without the burden of managing numerous spreadsheets, stating, “It’s not just an advantage—it’s essential for success.”

Blayke Hale, Managing Partner at BC Growth, highlighted the hospitality industry’s pressing challenges, such as shrinking margins. He stated that Restoke is in charge of helping restaurants address these issues by enhancing efficiency, profitability, and scalability through its advanced technology. Customers are already experiencing substantial results within the first month of using Restoke, which features a hands-off onboarding process.

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