Saudi foodtech startup, Foodics, raises $170M to expand venture

A Saudi end-to-end cloud-based point of sale and restaurant management solution startup, Foodics, has announced raising a $170M Series C round.

The startup’s CEO, Ahmad Al-Zaini, made the announcement in a press statement on Friday.

According to Ahmed, the round was co-led by the Netherlands’ Prosus Ventures and Saudi-based Sanabel Ventures.

Ripples Nigeria gathered that the startup had entered 2022 as one of the most funded startups in the MENAP region.

Read also: Global Shapers Ilorin wins $12K grant to accelerate climate action projects in Nigeria

The nine year old startup was co-founded by Ahmad Alzaini and Mosab Al-Othmani, with a mission to become a one-stop-shop for the F&B industry’s management and operations through a cloud-based POS software that offers restaurants a host of end-to-end solutions.

With new plans to expand venture, the startup already has footprint in the UAE, Jordan, and Egypt.

Other investors that participated in the round include Sequoia Capital India, Saudi-based VC, STV, and the US-based Endeavour Catalyst.

Speaking on the prospect of the fund, Ahmed said:

“Foodics has come a long way since our early days and we are proud to have been able to secure capital from premium international tech investors to further power our journey.

“This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now