Internet group Prosus co-led a $170m series C round yesterday for Foodics, the Saudi Arabia-based creator of a restaurant management and payment software platform.
The round was co-led with Sanabil Investments, an investment firm backed by Saudi Arabia’s Public Investment Fund, and it included STV, the venture capital firm backed by telecommunications company Saudi Telecom, in addition to Sequoia Capital India and Endeavor Catalyst.
Founded in 2014, Foodics provides software that helps restaurant and other food and beverage retailers streamline operations with end-to-end digitisation and point-of-service tools. It claims the platform has processed more than 5 billion orders through to date.
Proceeds from the round will be used to support Foodics projects in areas including microlending, innovation and supply chain management. The cash will also provide a boost for its international expansion plans and its mergers and acquisitions strategy.
The company made its first acquisition in January this year when it bought POSRocket, a provider of cloud-based point of sale payment services for retailers and restaurants, allowing internet company Jabbar Internet Group and energy services provider Edgo to exit.
STV co-led Foodics’ $20m series B round with Sanabil Investments in February 2021, investing with Elm, Endeavor Catalyst and Derayah Venture Capital.
Foodics had previously raised $8m from diversified holding company Almajdouie Holdings’ Raed Ventures vehicle, Riyad Taqnia Fund, 500 Startups, Naseel Holdings, Fatih Capital and Tech Invest Com.
Foodics co-founder and chief executive Ahmad Al-Zaini 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 [food and beverage] entrepreneurs and owners who make up the majority of our client community.”
Image courtesy of Foodics.
