FOODICS, a Saudi Arabia-based fintech, and foodtech platform has raised $170 million in a Series C funding, bringing the total amount raised by FOODICS so far to $198 million.
The round was co-led by Prosus and Sanabil Investments, with participation from Sequoia Capital India and existing investors including STV and Endeavor Catalyst.
The company will also use the proceeds to launch and scale new initiatives around fintech, micro-lending, and supply chain management, alongside boosting its innovation capabilities to better serve business owners.
As part of its growth strategy, FOODICS will also expand into non-food micro-retail outlets as a new segment.
Round: Series C
Funding Month: April 2022
Lead Investors: Prosus and Sanabil Investments
Additional Investors: Sequoia Capital India, STV, and Endeavor Catalyst
Company Website: https://www.foodics.com/
Software Category: Point of Sale & Restaurant Management Solution
About the Company: Founded in 2014 by Ahmad AlZaini and Mosab Al-Othmani, FOODICS is a restaurant management and fintech ecosystem that empowers Food & Beverage (F&B) owners and merchants to run their operations more seamlessly and efficiently, thereby fast-tracking their business growth in the process. Formally licensed as a Fintech company by the Saudi Central Bank (SAMA), it caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, and food trucks through to cloud kitchens. FOODICS offers a point of sale (POS) and restaurant management platform and payment that caters to F&B establishments, from traditional dine-in restaurants and food trucks to cloud kitchens. Since its founding, the company has processed over five billion orders through its platform. Since its inception in 2014, Foodics has successfully processed over 5 billion orders through its platform. It also made its first acquisition last January, with the full ownership of POSRocket, the second largest restaurant Cloud technology provider in MENA, with further M&A activities and international expansion moves on the cards, including to countries in the APAC region.