Reeco, a marketplace connecting hospitality buyers and suppliers, has landed $10 million in seed funding.
The investment in the Israel-based company was led by Net Capital Ventures, Joule Ventures and One Travel Ventures while a number of angel investors also participated.
Reeco aims to help hotel and other hospitality providers with supply chain issues and make the ordering process for supplies easier.
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The company matches buyers with the best local and/or national suppliers based on price availability and delivery date.
Reeco can also divide an order among a number of suppliers to ensure availability as well as the best prices.
Henrik Shimony, co-founder and CEO of Reeco, says: “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 a hotel’s largest expenses are based here. When we built Reeco, our focus was always on providing the back office with the best service and meeting their needs first.”
Omri Shalev, co-founder and chief technology officer of the company, believes many back-office processes are still largely manual and can benefit from technology such as artificial intelligence.
“We didn’t want to just create a seamless ordering and receiving experience — Reeco helps mitigate supply chain issues and food waste by using AI-driven insights into purchasing habits.”