Reeco's $15 Million Boost: A New Era for Hotel Procurement
January 27, 2025, 3:31 am
In the bustling world of hospitality, where every dollar counts, Reeco has emerged as a beacon of innovation. The Miami-based company recently secured $15 million in Series A funding, propelling its mission to modernize hotel procurement. This infusion of capital is not just a financial boost; it’s a lifeline for an industry shackled by outdated practices.
Reeco's platform is like a Swiss Army knife for hotel operations. It integrates procurement, inventory management, and accounts payable into one seamless system. Gone are the days of juggling Excel sheets and endless phone calls to suppliers. With Reeco, hotel staff can purchase supplies with just a few clicks, transforming a cumbersome process into a streamlined operation.
The hospitality industry has long relied on legacy systems. These outdated methods lead to unreliable data, fluctuating prices, and fractured vendor relationships. In a sector where efficiency is paramount, these challenges can be crippling. Reeco’s AI-driven solution addresses these pain points head-on. It unifies critical functions, allowing users to manage everything from purchasing to invoicing in one place.
The recent funding round was led by Aleph VC, with support from Net Capital Ventures and Joule Ventures. This backing is a testament to the confidence investors have in Reeco’s vision. The company’s total funding now stands at $25 million, following a $10 million seed round. This financial support will fuel research and development, customer acquisition, and the scaling of sales and marketing teams.
Reeco’s platform is not just about saving time; it’s about saving money. The hospitality sector is notorious for its razor-thin profit margins. By automating processes and providing real-time data, Reeco empowers hotel operators to make informed decisions. Users can track food costs, manage recipes, and audit inventory with unprecedented accuracy. This level of control can significantly impact a hotel’s bottom line.
Imagine a chef managing a busy kitchen. With Reeco, they can quickly access an AI-powered ingredient database, connect recipes to point-of-sale systems, and identify cost-saving opportunities. This kind of efficiency allows culinary teams to focus on creativity rather than getting bogged down in administrative tasks.
The accounts payable feature is another game-changer. It automates general ledger coding based on established patterns, syncing seamlessly with preferred accounting systems. This automation eliminates the headaches associated with manual data entry and provides real-time visibility into spending. For hotel operators, this means fewer blind spots and more informed financial decisions.
Reeco’s rapid adoption speaks volumes. The company has achieved an 800% growth rate in less than two years, transforming operations for a diverse range of clients, from full-service resorts to select-service properties. Hotel operators like Vision Hospitality and OTH Hotels Resorts have credited Reeco with improving their profit margins and operational efficiency across various departments.
The founders, Henrik Shimony and Omri Shalev, recognized a critical gap in the market. While consumer shopping had embraced digital solutions, hotel procurement remained stuck in the past. Their combined expertise—Shimony’s experience in hotel management and Shalev’s software engineering background—led to the creation of a platform that bridges this gap.
In a world where technology is advancing at breakneck speed, Reeco stands out as a pioneer. The platform eliminates data silos and the chaos of managing multiple supplier portals. It’s a one-stop shop for hotel procurement, allowing teams to optimize their operations with ease. Whether you’re an executive chef or a financial controller, mastering the system is a breeze.
The hospitality industry is at a crossroads. As competition intensifies, the need for modern solutions becomes more pressing. Reeco’s platform is not just a luxury; it’s a necessity. In today’s market, staying competitive means embracing technology that enhances efficiency and transparency.
The funding from Aleph VC and others signals a strong belief in Reeco’s potential to revolutionize the hospitality sector. As the company continues to innovate and expand its offerings, it’s poised to become a cornerstone of modern hotel operations.
In conclusion, Reeco’s $15 million funding is more than just a financial milestone. It represents a shift in how the hospitality industry approaches procurement. With its AI-driven platform, Reeco is paving the way for a future where hotels can operate with the same efficiency and transparency that consumers enjoy in their everyday shopping. The days of outdated procurement processes are numbered, and Reeco is leading the charge into a new era of operational excellence.
Reeco's platform is like a Swiss Army knife for hotel operations. It integrates procurement, inventory management, and accounts payable into one seamless system. Gone are the days of juggling Excel sheets and endless phone calls to suppliers. With Reeco, hotel staff can purchase supplies with just a few clicks, transforming a cumbersome process into a streamlined operation.
The hospitality industry has long relied on legacy systems. These outdated methods lead to unreliable data, fluctuating prices, and fractured vendor relationships. In a sector where efficiency is paramount, these challenges can be crippling. Reeco’s AI-driven solution addresses these pain points head-on. It unifies critical functions, allowing users to manage everything from purchasing to invoicing in one place.
The recent funding round was led by Aleph VC, with support from Net Capital Ventures and Joule Ventures. This backing is a testament to the confidence investors have in Reeco’s vision. The company’s total funding now stands at $25 million, following a $10 million seed round. This financial support will fuel research and development, customer acquisition, and the scaling of sales and marketing teams.
Reeco’s platform is not just about saving time; it’s about saving money. The hospitality sector is notorious for its razor-thin profit margins. By automating processes and providing real-time data, Reeco empowers hotel operators to make informed decisions. Users can track food costs, manage recipes, and audit inventory with unprecedented accuracy. This level of control can significantly impact a hotel’s bottom line.
Imagine a chef managing a busy kitchen. With Reeco, they can quickly access an AI-powered ingredient database, connect recipes to point-of-sale systems, and identify cost-saving opportunities. This kind of efficiency allows culinary teams to focus on creativity rather than getting bogged down in administrative tasks.
The accounts payable feature is another game-changer. It automates general ledger coding based on established patterns, syncing seamlessly with preferred accounting systems. This automation eliminates the headaches associated with manual data entry and provides real-time visibility into spending. For hotel operators, this means fewer blind spots and more informed financial decisions.
Reeco’s rapid adoption speaks volumes. The company has achieved an 800% growth rate in less than two years, transforming operations for a diverse range of clients, from full-service resorts to select-service properties. Hotel operators like Vision Hospitality and OTH Hotels Resorts have credited Reeco with improving their profit margins and operational efficiency across various departments.
The founders, Henrik Shimony and Omri Shalev, recognized a critical gap in the market. While consumer shopping had embraced digital solutions, hotel procurement remained stuck in the past. Their combined expertise—Shimony’s experience in hotel management and Shalev’s software engineering background—led to the creation of a platform that bridges this gap.
In a world where technology is advancing at breakneck speed, Reeco stands out as a pioneer. The platform eliminates data silos and the chaos of managing multiple supplier portals. It’s a one-stop shop for hotel procurement, allowing teams to optimize their operations with ease. Whether you’re an executive chef or a financial controller, mastering the system is a breeze.
The hospitality industry is at a crossroads. As competition intensifies, the need for modern solutions becomes more pressing. Reeco’s platform is not just a luxury; it’s a necessity. In today’s market, staying competitive means embracing technology that enhances efficiency and transparency.
The funding from Aleph VC and others signals a strong belief in Reeco’s potential to revolutionize the hospitality sector. As the company continues to innovate and expand its offerings, it’s poised to become a cornerstone of modern hotel operations.
In conclusion, Reeco’s $15 million funding is more than just a financial milestone. It represents a shift in how the hospitality industry approaches procurement. With its AI-driven platform, Reeco is paving the way for a future where hotels can operate with the same efficiency and transparency that consumers enjoy in their everyday shopping. The days of outdated procurement processes are numbered, and Reeco is leading the charge into a new era of operational excellence.