Favrit

About Favrit

Founded in 2019 and headquartered in Oslo, Norway, Favrit is a developer of a restaurant management platform designed to automate and enhance the sales process for the hospitality industry. The company was established by Edwin Fjeldtvedt, a former professional handball player who later held various positions at Expedia's B2B company, Egencia. His extensive travel, involving dining out around 500 times a year, led him to recognize that the guest experience was often centered on employees rather than the customers, and that the industry's technology was lagging. This insight became the foundation for Favrit, aiming to provide a significant technological lift to the sector. In May 2024, after a demanding period of restructuring, Fjeldtvedt transitioned from CEO to a strategic advisor role, with Nils Albjerk, formerly Head of Operations, stepping in as the interim CEO.

Favrit operates on a SaaS business model, providing its software to a diverse client base that includes restaurants, bars, nightclubs, food halls, and festivals. The company generates revenue through monthly subscription plans, which are tiered based on features and include a percentage of the monthly revenue processed through the system. Clients include notable brands such as Nordic Choice Hotels, Scandic, IKEA, Villa Paradiso, and Oslo Streetfood. The company has successfully raised a total of $11.9M in funding from investors including IdeKapital and Wiski Capital to fuel its product development and market expansion.

The core of Favrit's offering is a cloud-based point-of-sale (POS) system that is device-agnostic, running on any smartphone, tablet, or computer, eliminating the need for specialized hardware investment. The platform provides two main product solutions: a self-service option where guests scan a QR code to browse the menu, order, and pay from their phones, and an electronic POS (ePOS) for staff to take orders. A key feature is the hybrid ordering capability, allowing both guests and servers to add items to the same digital bill, which can be settled via mobile payment, card, or cash. The system offers comprehensive management tools, including real-time data synchronization, inventory management, and customer insights to optimize operations. A distinctive feature allows venues to partner with nearby businesses, enabling them, for instance, a bar to sell food from a partner restaurant through the same platform, with revenue automatically directed to the respective business.