“Foodics, a Saudi Arabian food and beverage technology firm, announced that it has secured US$20 million in a series B round led by Sanabil Investments, which is wholly owned by Saudi Arabia’s sovereign wealth fund Public Investment Fund,” reported Bloomberg.
Venture capital funds STV, Endeavor Catalyst, Elm, and Derayah, also joined in the round.
Established in 2014, Foodics offers a cloud-based management system for restaurants, food trucks, cafes, and fast-food chains across the Middle East.
It provides point-of-sale services, employee timesheet tracking, a digital menu for waiters, inventory management, and table management, among others.
With the fresh funds, Foodics plans to enter new markets, as well as expand its fintech offering.
In November last year, the firm received a license from the Saudi Arabian Monetary Authority to operate as a payment institution through its point-of-sale services. In the same year, the firm also launched a US$100 million fund to support Saudi food and beverage merchants through microloans.
To date, it claims to have served over 5,000 customers and processed over 1 billion orders on the platform. In 2019, it recorded over US$2 billion in gross merchandise volume.
Previously, Foodics closed US$4 million in a series A round led by Raed Venture and the Riyad Taqnia Fund (RTF) in 2017. Two years later, it bagged US$4 million in a pre-series B fundraising from RTF, Fatih Capital, Naseel Holding, and Riyadh-based Tech Invest Com.
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