STV, the venture capital firm backed by telecommunications firm Saudi Telecom, co-led a $20m series B round yesterday for Foodics, the United Arab Emirates-based developer of a restaurant management system.
Sanabil Investments, a subsidiary of the Saudi Arabian government’s Public Investments Fund, co-led the round with STV, investing alongside Endeavor Catalyst, Elm and Derayah Venture Capital.
Foodics has developed a point-of-sale system and business management software platform designed for use by restaurants. The cash will support growth in its existing markets, expansion into new countries and the bolstering of the financial technology side of its business.
The company had raised $4m in a 2017 series a round co-led by conglomerate Almajdouie Holding’s Raed Ventures fund and Riyad Taqnia Fund (RTF) that included Naseel Holding and 500 Startups. It added $4m from Naseel Holding, RTF, Fatih Capital and Tech Invest Com in June 2019.