The Saudi Arab headquartered cloud based restaurant management startup, Foodics has secured US$ 20 million or SAR 75 million Series B investment led by Sanabil Investments on 1st February 2021.
The newly announced investment round adds the total capital raised by the startup Foodics to US$ 28 million or SAR 105 million. Sanabil Investments, the lead investor of the series b funding round is owned by the public investment fund of the kingdom. The round had another investor STV, that co-led the round, and included other backers Endeavour Catalyst and Elm & Derayah.
Ahmad Al-Zaini, the co-founder and CEO said, “We are delighted to start the year on such a high note, having been able to gain the support and trust of such prominent investors. 2020 was a tough year during which we have proactively captured opportunities. At Foodics, human capital has always been a strategic competitive advantage, and this is even more important now as we upscale with this latest investment. By 2022, our goal is to have 500 employees, and we are actively seeking extraordinary talents to join our team and grow together.”
The proceeds of the funding will enable startup Foodics in the growth of their existing contribution in the market and ramp up its international expansion with the expansion of their fintech offering.
Mosab alothmani the co-founder and CTO at startup Foodics said, “This funding round marks another significant milestone on our journey. With Foodics also officially recognized last month by the Saudi Central Bank as a fintech company, this will allow us to further fast track our product development, particularly into fintech for the retail sector.”
Sanabil Investments said on this further “We are excited to lead this round and partner with Foodics as it grows and transitions to a fully integrated cloud-native payment and retail management platform. We view Foodics as a key enabler to the accelerating retail digitisation trends in the region.”
About Foodics
Riyadh headquartered startup Foodics offers its customers with a cloud-based all-in-one restaurant management software system on an iPad in dual languages; English and Arabic. Founded in 2014, by Ahmad Al-Zaini and Musab Alothmani, the startup serves the purpose of easing up the overall process of keeping a view in their company and various operations for the food and beverage based enterprises. Since its inception Foodics has processed more than 5 billion orders over their platform that counts 50,000 terminals catering more than 10,000 F&B labels. It is currently available across the 17 countries, with its five offices in Saudi Arabia, United Arab Emirates, and Egypt.
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