We are participating with Prosus, Sequoia, and Sanabil Investments, in a $170m Series C, KSA’s largest funding round to date, to fuel Foodics, the region’s leading cloud-based technology and payments platform for restaurants.
Since our initial investment in 2021, we have been firm believers in the potential of cloud-based full-stack retail management solutions for SMEs in MENA, especially in the context of accelerated digital payments adoption, and as retail analytics are becoming more relevant.
Last year, we announced our participation in Foodics’ Series B round as a co-lead investor. Today, we are proud to double down on Foodics and its team. The funds will be used to support regional and international expansion as well as the roll-out of new verticals in fintech and supply chain management.
Today, Foodics is a critical infrastructure player in the space, having successfully processed over 5 billion orders since inception, and aiming to have 150,000 terminals by the end of 2024, not only from the F&B sector, but also from non-food retail outlets. Last year, it launched its payment terminal solution, Foodics Pay, as a key complement to the flagship point-of-sale software system, and as a major step toward building a full-stack solution. In a regional consolidation move, it also recently acquired POSRocket, the second largest restaurant Cloud POS provider in MENA, and targets further M&A, eyeing continued leadership in its high growth vertical in the MENA region, as well as aiming to go to other markets beyond.
Our investment today reiterates our conviction in Foodics and the Cloud POS and payments in MENA. We are proud of our partnership with Ahmad and Mosab, and we firm believers that the company will continue driving industry-wide growth through data and adjacencies across the region, through a tailored “single source of truth” solution.
This round brings the total capital raised by the company to $198m.