Foodics, a cloud-based technology and payments platform for restaurants based in Saudi Arabia, has secured a record-breaking $170 million in its latest investment round. Prosus and Sanabil Investments led the Series C investment, which also included Sequoia Capital India and current investors STV and Endeavor Catalyst.
A restaurant management and Fintech ecosystem founded in 2014, Foodics enables Food & Beverage (F&B) owners and merchants to run their operations more efficiently and conveniently, accelerating their business growth. From traditional dine-in restaurants to cafés, quick service restaurants, bakeries, food trucks, and cloud kitchens, the startup caters to all segments of the food and beverage industry.
Foodics’ cloud-based point of sale system, which provides restaurants and retail establishments with a seamless operations management solution, has witnessed a surge in demand. Foodics’ Co-Founder and CEO, Ahmad Al-Zaini, reflected on their journey, saying: “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. We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead together.”
Prosus Food’s Chief Operating Officer, Fahd Beg, stated: “We believe restaurant-tech is an exciting opportunity within the food ecosystem with significant growth potential. Foodics has already established a strong regional presence by leveraging its product vision, technical excellence, and brand. We look forward to partnering with the exceptional Foodics team as they continue their expansion geographically and across adjacent verticals.”
According to a spokesman for Sanabil Investments, “Sanabil is thrilled to back Foodics, an emerging leader with strong ambitions to expand regionally and internationally. Foodics has built strong brand recognition, unparalleled in the regional F&B market. We are excited to be part of the next phase of growth in enabling micro-retail businesses at the intersection of digitization and fintech solutions. We look forward to supporting the company in realizing its full potential and unlocking new markets.”
The recent investment will be used to assist Foodics’ regional and international expansion, as well as its M&A strategy to broaden market penetration. The funds will also be used to create and grow new FinTech, microlending, and supply chain management initiatives, as well as strengthen the company’s innovation capabilities.