This startup provides a unified procurement platform tailored for the hospitality industry, enabling hotels and restaurants to streamline their purchasing processes. By consolidating supplier management and order tracking, it reduces operational inefficiencies and enhances cost control.
Funding
$33M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Hotels and restaurants often struggle with inefficient and fragmented procurement processes, relying on manual methods, multiple supplier websites, and outdated systems like punchouts. This leads to time-consuming ordering, difficulty in price comparison, and a lack of real-time visibility into food costs and inventory. Managing invoices manually further exacerbates the problem, resulting in wasted time and potential inaccuracies.
Solution
Reeco offers an AI-powered procure-to-pay platform designed to streamline and simplify procurement for the hospitality industry. The platform consolidates all vendors into a single, integrated system, enabling users to purchase with just a few clicks. By connecting recipes with point-of-sale (POS) systems, Reeco provides real-time food cost tracking and helps identify cost-saving opportunities. The platform also automates accounts payable processes by using AI to code invoices based on learned patterns, significantly reducing manual work.
Target Audience
Reeco primarily targets hotels and restaurants seeking to streamline their procurement processes, reduce operational inefficiencies, and gain better control over costs.
Features
- AI-powered ingredient database for easy menu creation and recipe building
- Real-time food cost tracking by connecting recipes with POS systems
- Mobile app for quick and accurate inventory counts, reducing counting time by 50%
- Automated invoice processing with AI-driven GL coding that syncs with accounting systems
- Integration with accounting, BI, and POS systems for better data synchronization
- Supplier portal for vendors to update inventory and prices in real-time
- 24/7 customer support for order-related issues and technical assistance