Tel Aviv, Israel-based first-of-its-kind marketplace connecting hospitality buyers and suppliers, Reeco raised USD 10 million in seed funding. The round took place on March 28, 2023. Net Capital Ventures and Joule Ventures led the financing for the company. Meanwhile, Eynat Guez, CEO of Papaya Global, and other high-profile angel investors participated in the seed round.
What the company’s official has to say
Henrik Shimony, the Reeco co-founder and CEO, said, “Reeco was built for the unsung heroes of hospitality. 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.”
What the investors have to add
Dafna Winocur Biran, Partner at Joule Ventures, further added, “Covid has proven that the hospitality industry is far more resilient than many thought. The current challenges the industry is facing require new tools and technologies that help businesses adapt. Henrik and Omri, with their hotel experience and deep technical expertise, are the perfect founders to revolutionize the space. We are excited to be a part of their journey to provide total freedom of choice and complete visibility, benefiting hoteliers and suppliers alike.”
In addition, Dan Naftali, Owner of Net Capital Ventures, said, “Reeco has built a disruptive solution that’s generating incredible excitement among veterans in the hospitality space. They’ve created a totally new way of ordering that’s a game changer for hospitality buyers. In the current market, solutions that provide an immediate ROI are king, and Reeco provides more value, quicker than anything I’ve seen in recent years.”
What the customers have to add
Eyal Goldberger, former Area General Manager of AC Marriott and Element Brickell Miami hotels, said, “If a hotel can’t get eggs to serve for breakfast, that negatively impacts a guest’s entire experience. Shortages are becoming commonplace, and up to 30% of the items on each order can’t be filled by suppliers. Getting items from an alternate supplier isn’t as easy as just walking into another shop — it’s a difficult process which is further complicated by the fact that most procurement is still being managed with pen and paper.”
In addition, Nick Murray, VP of Food & Beverage at Shaner Hotels, said, “I’ve been in the hospitality business a long time and never seen a product quite like Reeco. Reeco eliminates inefficiencies from the back office, saving substantially on both time and costs across the board. I feel confident saying unequivocally that Reeco is the future of procurement for hotels.”
About the company
In 2021 Founders Henrik Shimony and Omri Shalev launched the company. 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, are the customers of Reeco.
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