Have you heard about Nory? It's the game-changing Irish start-up founded by Conor Sheridan in 2020. This innovative company made headlines last week by securing a massive $16 million in Series A funding, bringing its total raised capital to an impressive $25 million.

Its state-of-the-art AI-powered operating system for restaurants and cafes is taking the hospitality industry by storm, and its revenue surged by a jaw-dropping 400% in 2023!

What sets Nory apart is its centralized AI platform, which predicts hourly venue demand with a mind-blowing 95% accuracy. This allows restaurants to optimize staffing and cut costs, giving them a significant edge in an industry with razor-thin profit margins. It's like having a crystal ball for your business operations!

Big names like the Jamie Oliver Group and Roasting Plant Coffee have been raving about Nory's solutions, reporting nearly 20% cost reductions and over 50% EBITDA increases.

Conor Sheridan's frustration with outdated software led to the birth of Nory, fueled by his vision to create a platform that consolidates data and provides actionable insights.

With this recent funding, Nory is gearing up for product development and expansion into Europe and the US, ready to equip restaurants with the tools they need to tackle today's challenges.

Nory's mission is to create a world where restaurants run seamlessly, and staff and customers are happy. Their cutting-edge approach doesn't just put them at the forefront of the future of hospitality - it makes them the new leaders in the industry.

Here are the biggest global Irish business and tech stories this week:

• Ryanair profits hit record €1.92bn 🌍✈️

• Meta partners with Cork firm Workvivo 🇺🇸 💻

• Acquisition Deal Reached Between Software Giant and Northern Irish Fintech 🌍🤝

• Unlocking Green Potential: SCB Group's Journey with Kevin McGeeney 🇨🇭 🌲

And drumroll, please! 🥁🥁

This week, we are also introducing a new newsletter section that compiles all the latest and greatest fundraising news from Irish-affiliated businesses worldwide. Keep scrolling to learn more 👇

Enjoy ☕

Ryanair profits hit record €1.92bn 🌍✈️

Ryanair has just announced an incredible annual profit of €1.92 billion, thanks to a whopping 9% increase in passenger numbers, reaching 184 million - a staggering 23% higher than pre-pandemic levels.

Despite facing a 32% surge in fuel expenses, amounting to €5.14 billion, the airline has achieved a 15% increase in revenue per passenger, with average fares soaring by a thrilling 21% to €49.80. CEO Michael O'Leary has cautiously expressed optimism about summer 2024 fares despite acknowledging record traffic in early 2023.

This careful optimism reflects the company's dedication to maintaining an exciting and sustainable growth trajectory. The airline's 146 Boeing 737s fleet is set to expand to 158 by July, although potential delivery delays could impact this thrilling growth.

O'Leary refrained from providing profit guidance due to uncertainties, emphasizing the company's transparency and commitment to responsible financial management.

Meta partners with Cork firm Workvivo 🇺🇸 💻

Workvivo, a Cork-based employee communications firm, has been chosen by Meta to replace its collaborative workspace software program, which is being discontinued.

Founded in 2017 by John Goulding and Joe Lennon, Workvivo provides internal employee software enabling workers to communicate. The company's clients include industry leaders such as Ryanair, Amazon, and the Virgin Group.

Last year, Workvivo was acquired by the US tech giant Zoom; while the financial details of the acquisition were not disclosed, the deal was reportedly worth more than €200m.

Meta has selected Workvivo as its sole preferred migration partner for its employee platform. The partnership will involve Meta's Workplace and Workvivo providing migration tools for customers transitioning to Workvivo's platform, with Workvivo also offering additional implementation services to support this transition.

Meta announced that Workplace will be phased out over two years, with customers still able to use the platform as usual until August 2025. John Goulding, the co-founder and chief executive of Workvivo, expressed excitement about the opportunity to support and help Workplace from Meta customers, emphasizing that Workvivo is the natural choice for their employee experience platform transition.

Acquisition Deal Reached Between Software Giant and Northern Irish Fintech 🌍

The Access Group has announced that it plans to acquire Lightyear, a leading provider of finance automation solutions, to enhance its global ERP growth. The Access Group, a prominent supplier of business management software to mid-market organizations in the UK, Ireland, USA, and Asia Pacific, will broaden its ERP software offering by integrating Lightyear's finance automation solutions. This move will provide an end-to-end integrated solution for customers, addressing their accounts payable, purchasing, and expense management needs.

Founded in 2017, Lightyear has rapidly expanded across APAC, EMEA, and North America and has offices in Syndey and Belfast. It offers solutions that automate critical financial processes for SMEs and mid-market businesses. By automating manual, time-consuming, and error-prone tasks, Lightyear helps finance teams gain control over spending management and focus their time on more valuable initiatives.

Claire Carter, Managing Director of Access ERP, expressed excitement about the acquisition, highlighting the potential of Lightyear's innovative solutions. Similarly, Chris Gregg, Lightyear's CEO, emphasized the opportunities for innovation and delivering more significant benefits to mutual customers through the partnership with The Access Group.

Unlocking Green Potential: SCB Group's Journey with Kevin McGeeney 🇨🇭 🌲

Check out SCB Group, the Environmental Products House of the Year 2024. Based in Switzerland, this cutting-edge firm is dominating the green markets with its focus on low-carbon fuels, biofuels, renewable fuel credits, regulated carbon allowances, and commodities for battery production.

SCB operates seamlessly across diverse regulatory environments, making waves in the voluntary carbon market (VCM) this year. Under the dynamic leadership of Irishman Kevin McGeeney, SCB Group is on a mission to make low-carbon alternatives more affordable and accessible. They not only provide brokerage and execution services but also educate clients about environmental products, helping them navigate their green commitments or net-zero goals.

Plus, they've developed Carbon AI, a powerful tool trained on two decades of SCB’s data to provide clients with comprehensive and reliable information on low-carbon markets. McGeeney is excited about the potential of the VCM, which applies to all industries globally.

SCB Group, led by McGeeney, is driving real change in the industry with its innovative tools, comprehensive market education, and unwavering faith in the power of market solutions to address climate challenges.

Fundraising News 🚀

Irish-affiliated businesses have achieved an impressive total of €20.2 million in fundraising victories! 🥂

• Altach (an NLC Venture) raised €1.2 million through equity crowdfunding.

• STRATxAI closed a venture round with €1.5million.

• Nory has secured $16 million in a Series A funding round.

• Numra raised €1.5million in a seed round.

A huge congratulations to these fantastic companies from the Irish Insights team! 👏👏

🧠 Brain Food

Here is your quick serving of Irish Insights-related wins, trends, events, media and resources that we think you’ll enjoy digesting 🍽️:

🔎 Founder Focus: Barbara Turley shares her experiences navigating career transitions and taking a mom-first approach to entrepreneurship.

🗽 Transatlantic Tech Boost: New Agreement Empowers Irish and NY Start-Ups

🥝 How the Irish are influencing New Zealand's Tech Future. Listen here.

💚 Enterprise Ireland invested €24 million in start-ups in 2023.

🤖 ‘Tech will grow more human-like - we shouldn’t be afraid’ - Accenture tech chief speaks at the Global Economic Summit in Killarney.

🧹 Improve your cybersecurity with a digital spring clean.

If you enjoy our newsletters or see a story about someone you know? Share it with your friends and family - It’s the best way to help us grow 🚀

Have we missed something? Got some feedback? Leave a comment or get in touch:

🐦 Twitter

👔 LinkedIn

💌 Email

📷 Instagram

🖱️ Website