Reeco, an AI-driven procure-to-pay platform for the hospitality industry, has secured $15 million in Series A funding. The round, led by Aleph VC with participation from Net Capital Ventures and Joule Ventures, brings Reeco’s total funding to $25 million, following a $10 million seed round.
The funding will accelerate platform development, research, and customer acquisition, while scaling sales and marketing efforts. Reeco aims to modernize hospitality procurement by replacing manual processes, fragmented vendor systems, and outdated tools like Excel with a seamless, unified platform.
With this funding, Reeco is poised to redefine hospitality procurement, bringing the industry into the digital age.
A Vision for Industry-Wide Efficiency
Reeco’s solution integrates procurement, inventory management, recipe tracking, and accounts payable into one streamlined system. Features include:
- Real-Time Procurement: Users can order from contracted vendors with just a few clicks and consolidate purchases into a single cart.
- AI-Driven Tools: Automates inventory audits, tracks real-time food costs, and optimizes recipes using an ingredient database.
- Accounts Payable Automation: Simplifies GL coding and syncs with preferred accounting systems.
“Modernizing procurement is no longer optional for hospitality operators,” said Henrik Shimony, co-founder and CEO. “This funding allows us to enhance our platform and meet growing demand while maintaining exceptional service.”
“Reeco has already demonstrated strong product-market fit and is well-positioned to transform a significant sector of the economy,” said Tomer Diari, general partner at Aleph VC. “We’re thrilled to support Reeco as it leads this change.”
With increasing demand for digital transformation in hospitality, Reeco has positioned itself as a leader. By eliminating manual processes and bridging data silos, the platform empowers hotels to optimize operations, cut costs, and improve efficiency.
“Reeco is the only platform unifying purchasing, inventory, recipe management, and accounts payable,” said Omri Shalev, co-founder and CTO. “Our system ensures any team member, from chefs to controllers, can quickly adopt and leverage its capabilities.”
The company was founded by Shimony, who drew on his family’s hotel management experience, and Shalev, a tech expert with experience at Microsoft and Samsung. Their shared vision was to address the outdated state of hotel procurement with a modern, data-driven solution.