Reeco, a Tel Aviv-based startup, has announced the launch of its AI-powered hospitality marketplace solution and has raised $10 million in seed funding from investors led by Net Capital Ventures and Joule Ventures, along with participation from high-profile angel investors like Eynat Guez, CEO of Papaya Global.
Reeco’s marketplace connects hospitality buyers and suppliers, providing a streamlined process for ordering everything from food and beverage to cleaning supplies. The platform offers near-perfect availability of products, reduces costs, and uses AI-driven insights to optimize purchasing habits, thereby mitigating supply chain issues and food waste.
The marketplace offers a one-stop-shop for buyers, with thousands of products available on an easy-to-use online store. In 2022, Reeco expanded its operations to the United States, establishing its headquarters in Miami, Florida. Among its customers, Reeco counts Playa Largo Resort – Autograph Collection, Hilton Aventura, The Even Hotel, and hotel management company Shaner Hotel Group, as well as hotels from leading brands like Marriott and Ramada.
Reeco’s co-founder and CEO, Henrik Shimony, who has worked in every role in the hospitality industry, from the front desk to the back office, said that Reeco was built for the unsung heroes of hospitality, particularly the purchasing department, which is often neglected despite being responsible for the largest expenses. Shimony added that Reeco aims to improve speed and efficiency while reducing costs and waste, thereby helping the hospitality industry solve key challenges like supply shortages, food waste, and overspending on fast-moving goods.
Reeco’s seed funding will support the company’s growth and expansion plans, allowing it to further develop its AI-based marketplace solution and expand its customer base. Reeco’s marketplace is designed to help the hospitality industry tackle some of its most pressing challenges. The COVID-19 pandemic has significantly impacted the industry, and hospitality businesses are facing unprecedented supply chain disruptions and rising costs. By using AI-based technology to optimize purchasing habits and provide a one-stop-shop for buyers, Reeco aims to help hotels and other hospitality businesses overcome these challenges and thrive in a post-pandemic world.
