Edmonton, Alberta – March 22, 2023
Sprout Fund has completed its eighth investment from Sprout Fund II into high growth, Vancouver-based, restaurant tech startup, Dyne, as part of a $1.5m seed round.
Dyne (www.dyneapp.ca) provides a restaurant-specific customer data platform that enables restaurants to harness customer data to automate marketing, optimize pricing and offers, and increase profitability through machine learning.
“Sophisticated analytical and decision support solutions have been available in retail and e-commerce for over a decade allowing those businesses to harness customer insight to provide high quality tailored experiences. In the restaurant space, only the largest brands with the biggest budgets have been able to do this. Dyne brings these capabilities to any restaurant chain and the market response has been very positive since launch just over a year ago,” said Shaheel Hooda, Partner at Sprout Fund.
Restaurants have ramped up their operations, post-COVID, to deal with the resurgence of in-person dining. Patrons are returning to socializing around their dining experiences. This renewed market demand combined with significant labour shortages is driving industry need to automate traditional marketing and operational activities. “We provide these tools while helping restaurants design, and deliver, tailored experiences that keep patrons coming back,” said Arnav Mishra, Founder and CEO. “Our team is excited to leverage the support of the Sprout team as we grow our business and position ourselves to become the leader in the restaurant decision-support space,” he added.
Proceeds of this round will be used to drive commercial expansion and build strategic partnerships.
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About Sprout Fund: sproutfund.vc
Sprout provides seed stage venture and mentor capital to accelerate the growth of Western Canadian B2B software startups. We recognize that the most successful founding teams, building the most globally relevant companies, demonstrate a unique blend of hustle and diversity. In addition to active mentorship, our value-add comes from the diversity of our investment team and investor pool that are all successful entrepreneurs in industries ranging from fintech to proptech and from edtech to energy tech. If you are an amazing early-stage founder building a globally relevant B2B startup, with initial market traction, click on ‘Looking for funding?’ at sproutfund.vc
About Dyne: dyneapp.ca
Dyne is a B2B SaaS company that specialises in providing cutting-edge analytics for all types of restaurants. Its innovative software utilises AI and machine learning to help restaurants optimise their internal operations and increase profitability. Their platform’s current key features offer a wide range of functionality, from inventory management and customer insights, to sales and expansion forecasting. In addition to providing business analytics solutions, Dyne also offers a dynamic consumer app. The Dyne App has a rewards program called “DyneBucks,” which are loyalty rewards that can be redeemed for cash and equivalent gift cards. This is not only done to give the consumer incentives to drive them to businesses, but also provides analytics to give restaurateurs a new perspective on their loyal customers, and further improve the restaurant’s marketing and operations. If you would like to learn more about Dyne and our restaurant analytics dashboard reach out to us at info@dyneapp.ca