Reeco, a Tel Aviv, Israel-based first-of-its-kind marketplace that connects hospitality buyers and suppliers, announced the general availability of its solution and $10 million in seed funding.
The round was led by Net Capital Ventures and Joule Ventures, with participation from Eynat Guez, CEO of Papaya Global, and other high-profile angel investors.
"Reeco was built for the unsung heroes of hospitality," said Henrik Shimony, Reeco co-founder and CEO. "As a hotelier who has worked in every role, from the front desk to the back office, the purchasing department was always the most neglected. This makes no sense, considering hotels' largest expenses originate there. Reeco helps mitigate supply chain issues and food waste by using AI-driven insights into purchasing habits."
Reeco provides a streamlined process for hotels and other hospitality buyers to order everything from food and beverage to cleaning supplies.
The AI-powered marketplace offers near-perfect availability of products while substantially reducing costs. Reeco offers a one-stop shop with thousands of products to choose from in an easy-to-use online store.
In 2022, the Tel Aviv, Israel-based company added Miami, Florida, as its United States headquarters location. Among its customers, Reeco counts Playa Largo Resort - Autograph Collection, Hilton Aventura, The Even Hotel, hotel management company Shaner Hotel Group, as well as hotels from leading brands like Marriott and Ramada.
Company: Reeco T.M Ltd.
Round: Seed Round
Funding Month: March 2023
Lead Investors: Net Capital Ventures and Joule Ventures
Additional Investors: Eynat Guez
Company Website: https://www.reeco.io/
Software Category: Hospitality Marketplace
About the Company: Founded in Tel Aviv, Israel, in 2020 and launched in the U.S. in 2022, Reeco is a first-of-its-kind marketplace that uses AI-based technology to streamline the ordering and receiving of supplies in the hospitality industry. The platform provides total freedom of choice and complete visibility into purchasing, improving speed and efficiency while reducing cost and waste. From food and beverage to cleaning supplies, hotels can get everything in one place, on one bill. Hotels like Hilton, Marriott, and Ramada are already using the hospitality procurement marketplace to solve key challenges like supply shortages, food waste, and overspending on fast-moving goods
Source: Ronny Hassid