San Francisco, CA – April 9, 2024 - JUICER, the pioneer in restaurant revenue management and pricing solutions, today announced the successful completion of a $5.3M seed round led by York IE. This investment will allow JUICER to accelerate its development of the tools and data restaurant operators need to thrive in a world of digital customer interaction.
Restaurants are undergoing a profound shift, becoming an e-commerce category thanks to the rise of delivery and digital customer engagement. In this new world, traditional pricing and promotions no longer suffice. JUICER addresses this challenge head-on, with a suite of advanced tools that leverage advanced machine learning algorithms and data analytics. JUICER Pricing, an algorithmic price optimization engine, increases same store sales by 5% to 10%. JUICER Compete, an AI-driven competitive intelligence solution, enables national brands and their franchisees to compare menu prices with local competitors and even evaluate bundles and value meals in each market.
Unlike Uber’s infamous “surge pricing” model, which can catch consumers off guard with unexpected price hikes, JUICER's approach to revenue management is like a data-driven “happy hour” for QSR and fast casual restaurants. By leveraging advanced AI and machine learning algorithms, JUICER enables restaurants to optimize prices while providing customers with clear, predictable pricing. This transparency allows consumers to make informed decisions, taking advantage of lower prices during off-peak periods. In fact, a recent survey conducted by Medallia found that 75% of consumers favor this type of pricing strategy, which offers them control and cost-saving opportunities, while still ensuring convenience at a modest premium during busy times.
"The restaurant industry is at an inflection point, and operators who embrace the power of data and technology will be the ones to thrive in this new era," said Ashwin Kamlani, JUICER co-founder and CEO. "With this funding, we can accelerate the development of our platform, expand our team of data scientists and industry experts, and help more restaurants unlock the full potential of revenue management and pricing science in a way that's comfortable for each operator and beneficial to consumers."
“JUICER’s insights on competitive intelligence and market pricing play a critical role in helping us evaluate our pricing and promotions strategy,” said Pizza Hut’s Director of Revenue Management, Roberto Soto. “The restaurant industry is lucky to have a company like JUICER bringing new ideas backed up by the latest AI technology.”
"JUICER is at the forefront of a fundamental shift in how restaurants operate and compete," said Marshall Everson, Vice President of Investments & Strategy at York IE, who will also join JUICER's board. "They are solving immediate pain points by helping restaurants navigate the narrow canyon between rising cost and consumer price sensitivity. Best of all they're doing it in a collaborative and transparent way which is refreshing for an industry saturated with technology providers."
Led by York, the funding round includes restaurant and hospitality luminaries, as well as experienced, seed stage investors Augment Ventures and Mudita Venture Partners. Operators and investors such as Athletic Greens President Kat Cole, Kayak co-founder Paul English, 16 Handles founder Solomon Choi, former Postmates GM Andreas Lieber, ex-Two Roads Hospitality CEO Jamie Sabatier, Andy Phorzheimer, Kitchen Fund, and Branded Strategic are also supporting JUICER.
JUICER was co-founded by travel and hospitality veterans Drew Patterson and Ashwin Kamlani. Their understanding of the need to balance profitability with a positive customer experience is what has helped JUICER lead the charge for a modern approach to pricing in the restaurant industry.
For more information on JUICER visit juicerpricing.com.
About JUICER
JUICER is the solution for data-driven restaurant revenue management and competitive intelligence. With a unique blend of cutting-edge AI technology and human expertise, JUICER provides a safe and effective solution for pricing strategies and implementation, as well as detailed predictive insights at the local menu item level. Partner with us for customized revenue management and competitive intelligence that fits your brand's unique objectives.
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Email: PR@juicerpricing.com
Phone: 800-515-2063
