A hospitality operations management platform used by cult frozen yogurt chain Yo-Chi has raised $5.1 million in Seed funding as it eyes off US expansion.
Restoke.ai, founded in 2020, is the brainchild of former chef and restaurateur Assaf Stizki and machine learning specialist Ken Brand. The artificial intelligence-based management platform integrates with existing restaurant systems to automate every aspect of operations from food costing and inventory to team management and accounting.
The raise was led by Rampersand, with support from Mandalay Venture Partners, Archangels, and US VCs BC Growth and Stage2 Capital. The funds will primarily for Restoke’s US market push.
More than 2,000 restaurants and cafes across Australia, New Zealand, Singapore and the US used the software-as-a-service platform including Mrs Pho, Yo-Chi and indoor trampoline park Bounce Inc.
Stizki said Restoke has helped restaurants and bars save up to $8,000 a week within a month of implementation. Larger chains have reported saving millions annually, primarily through reduced food costs and optimised inventory management.
“Owners often have to wear multiple hats and they tend to focus on the food – which is usually the passion – over the key business metrics,” Stizki said.
“Often the first time they discover financial issues is after meeting with their accountant at the end of the quarter and, by then, it’s often too late to address the problems.”
His cofounder Ken Brand says AI is being recognised as a critical driver for success in hospitality.
“We’re using AI to help restaurants become more profitable and scale without the frustration of managing endless spreadsheets,” he said.
“It’s not just an advantage—it’s essential for success.”
Rampersand partner Andrew Poesaste said that when first encountered Restoke years ago, their vision seemed almost impossible.
“Restoke isn’t just offering another software solution; they’re pioneering a groundbreaking category: Restaurant Intelligence, redefining how the industry operates,” he said.
“They have the potential to transform the industry on a global scale, and now, they’re poised to lead this revolution.”
Ben Armstrong from Archangel Ventures said it was a perfect fit for the seed stage investment fund.
“Assaf and Ken are the type of entrepreneurs that we look for: resourceful, persistent, creative and with deep domain expertise,” he said.
“With this funding, we’re looking forward to them having an outsized impact on more geographies as they bring further efficiencies to the hospitality industry and show what is possible leveraging data and AI.”
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