Founded in 2013, REEF Technology (formerly known as ParkJockey Global, a parking lot management company) is mainly involved in providing hardware, software, and management services for parking lots. However, since its inception, the company has expanded to operate businesses such as cloud kitchens, healthcare clinics, logistics, and last mile delivery hubs in empty parking spaces. The company sets up spaces for these businesses using various containers for stores to set up operations, taking advantage of the growing on-demand economy trend where it will house a collection of businesses and services specific to the needs of neighborhoods.

Against this backdrop of growth in on-demand food delivery, in 2019, it launched REEF Kitchens, in which parking lots are used for shared kitchen operations. As of November 2020, the company operated in more than 20 markets in North America, with over 100 kitchens consisting of roughly 30 tenants. REEF kitchens are housed in proprietary containers, with each one able to accommodate between one and five restaurant brands or clients. The company refers to its in-garage ghost kitchens as “vessels” and modifies them according to customer requirements. Despite the COVID-19 pandemic, the company stated that it was performing well owing to its REEF Kitchen business thriving through an increase in on-demand delivery orders. The food offered by REEF’s internal brands comes from US Foods, a food distributor that works with colleges, hotels, and hospitals, apart from being a wholesale supplier to independent restaurants and diners. The company has also partnered with external brands such as Burger Bytes, Della Bowls, and I Heart Mac & Cheese. For delivery, the company partners with brands such as Uber, DoorDash, GetAround, and Nuro.

The company was pursuing an acquisition-driven strategy to further expand its presence and market reach. In November 2021, REEF announced the acquisition of iKcon Restaurant LLC, a Dubai-based cloud kitchen operator, marking its first major transaction in the MENA market. This acquisition is part of REEF’s strategy to expand beyond North America. In December 2021, REEF acquired 2ndKitchen, a US-based virtual kitchen for hotels, offices, buildings, and other hospitality companies. 2ndKitchen’s existing business was to be combined with REEF's brand and operate under its hospitality division. This was part of REEF’s strategy to expand its customer base into the hospitality division.

In November 2020, the company received equity funding of USD 700 million, mainly backed by existing investor Softbank and new investor Mubadala Corp. The consortium was further supported through the participation of Oaktree, UBS Asset Management, and venture capital firm Target Global. The funds are expected to be used to scale up operations from 4,800 to 10,000 new locations across the country. Furthermore, REEF launched a USD 300 million fund in partnership with Oaktree. REEF and Oaktree’s infrastructure arm has formed the Neighborhood Property Group to acquire strategic real estate assets.