This latest round of funding will support Foodics’ regional and international expansion, including its M&A strategy to increase market penetration.
The funding was co-led by Prosus and Sanabil Investments. In addition, Sequoia Capital India, STV and Endeavor Catalyst participated in the seed round.
Foodics was founded in 2014 by Ahmad AlZaini and Mosab Al-Othmani; the food tech offers a point of sale (POS), restaurant management platform, and payment.
The current investment will assist regional and worldwide expansion, as well as the company’s M&A strategy to improve market penetration since the company has processed over five billion orders through its platform since its creation.
Foodics will expand into non-food micro-retail outlets as part of its growth strategy as a new segment.
Ahmad Al-Zaini, Foodics Co-Founder and CEO, 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.
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,” Al-Zaini added.
Fahd Beg, Chief Operating Officer of Prosus Food, said, “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.”
Sanabil Investments spokesperson commented, “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 growth phase in enabling micro-retail businesses at the intersection of digitisation and fintech solutions.
We look forward to supporting the company in realising its full potential and unlocking new markets.”
Foodics has successfully processed over 5 billion orders using its platform since its start in 2014.
In January, it also made its first purchase, acquiring full control of POSRocket, the second largest restaurant Cloud technology supplier in MENA, with more M&A and worldwide development plans in the works, including APAC countries.
Last Updated on August 20, 2022 by Safiya K
