AI

Momos raises $10M for AI-powered restaurant customer platform

Photo: Adobe

September 23, 2024

Momos, an AI-powered customer platform for multi-location brands, has raised $10 million in Series A funding to help food and beverage, retail and other multi-location businesses drive their entire customer lifecycle. Led by 645 Ventures, with participation from existing investors Alpha Wave Global and Peak XV and first-time investors, Soma Capital, FJ Labs, Taurus Ventures and Correlation Ventures, the investment brings the company's capital to $17 million.

"Physical businesses deserve AI too," Sai Alluri, co-founder and CEO of Momos, said in a company press release. "Momos' partners have millions of customers across their brick-and-mortar locations. They have too many touchpoints and before Momos' AI, it was impossible to manage them across channels. Momos brings everything in and automates the entire customer lifecycle at each location so our partners can save time and drive more repeat customers."

Momos was founded in 2021 by Alluri and Andrew Liu, alongside a team from Uber, Grab, Microsoft and Intuit. The team had previously managed thousands of businesses at UberEats and GrabFood, and found that existing solutions could not help brands manage their customers seamlessly across multiple locations. In particular, the Momos team saw the opportunity that AI presented, and partnered with OpenAI from its inception, starting as a member of the GPT-3 beta program.

Momos, which works with thousands of businesses, including Shake Shack, Baskin Robbins and Guzman y Gomez, is live in 10 countries. Its platform includes customer service, customer experience and marketing solutions that enable brands to drive insights and elevate customer experiences throughout the customer lifecycle, all while reducing costs.

"Our partners are incredibly busy running their businesses. We simplify their customer stack so they can focus on delivering great experiences," Liu said in the release. "We're outcomes-focused and drive 10x ROI for our partners. We are incredibly proud that we can increase sales and customer retention for them while saving time across multiple teams. From the first time their customers visit one of their locations, to the eighth time they return, Momos increases customer engagement, and automates everything with AI."

Co-founder and Managing Partner of 645 Ventures Nnamdi Okike is joining the board, bringing with him over a decade of experience investing in vertical SaaS, including notable companies like Squire, LeagueApps and Lunchbox.

"There are millions of brick-and-mortar businesses globally, but existing tools are just not built to solve problems at each location," Mendy Yang, senior associate at 645 Ventures, said in the release. "Momos has built this true 'Compound Startup' and is the all-in-one customer platform for multi-location brands. It's a game changer, and we're excited to partner with Sai and Andrew to spearhead this underserved market."