Reeco, a Tel Aviv, Israel-based marketplace that connects hospitality buyers and suppliers, raised $10M 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 angel investors.
The company intends to use the funds to expand operations and its business reach.
Led by Henrik Shimony, CEO, Reeco provides a streamlined process for hotels and other hospitality buyers to order everything from food and beverage to cleaning supplies. Buyers select the products they need, and their order is automatically matched with the optimal supplier from hundreds of top local and national suppliers, based on price, availability, and delivery dates.
Hotels are already using the hospitality procurement marketplace to solve key challenges like supply shortages, food waste, and overspending on fast-moving goods. Reeco serves customers such as 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.
In 2022, the company added Miami, Florida as its United States headquarters location.
FinSMEs
28/03/2023