Prosus and Sanabel Investments led the investment round in collaboration with Sequoia Capital India and existing investors in the company
– A strategic investment that will enhance the company’s market leadership and aim to accelerate the development of the company’s products and support global expansion in the restaurant management technology and payment solutions sector
Riyadh, Saudi Arabia: Foodics, the leading cloud point-of-sale technology, restaurant management and financial technology platform in the Middle East and North Africa, raised $ 170 million in the C-investment round led by Prosus, one of the leading investors in the global technology sector, and Sanabel Investments funds are owned. Sequoia Capital India has also participated in the round and existing investors such as STV Investment Fund and Endeavor Catalyst.
Foodics offers a specialized system in restaurant management and financial technology that focuses on enabling restaurant owners to run their operations smoother and more efficiently, helping them accelerate the growth of their businesses. Foodics has also obtained an official license from the Central Bank of Saudi Arabia (SAMA) as a financial technology company, providing its services to all categories of the restaurant and cafe sector, from traditional restaurants, cafes, fast food restaurants, bakeries and food carts to cloud kitchens.
This round supports Foodics’ efforts to expand regionally and globally, including its merger and acquisition strategy to improve its presence in new markets. The company intends to use this investment to launch and expand new initiatives in the field of financial technology, enter the field of lending to small businesses and link restaurants with supply chains through its platform, in addition to improving its innovative capabilities. to provide the level of services to restaurant owners. Foodics’ growth strategy also includes targeting the retail sector for the first time.
Commenting on this issue, Foodics CEO and co-founder Ahmed El-Zeini said: “Foodics has come a long way since its inception, and we are proud of our success in raising funds from leading global investors in the technology sector to to support our journey. This investment will help us accelerate the development of our comprehensive technology ecosystem. This helps consolidate our support for entrepreneurs and restaurant owners who make up the majority of our customers. We thank our current shareholders, Sanabel Investments and STV Investment Fund for giving them to us. their confidence, and we welcome the new investors, Prosos and Sequoia Capital India, to join the Foodics family, and we look forward to working with them in the coming period. ”
In turn, Fahd Beig, chief operating officer of Prosus Foods, said: “We see restaurant technology as a unique opportunity that offers tremendous growth prospects for the sector. Foodics has strengthened its regional presence by capitalizing on its products, technical excellence and strong brand. We looking forward to working with the amazing Foodics team on their journey to expand their business geographically and in other sectors.
A spokesperson for Sanabel Investment also said: “We are delighted to support Foodics as an emerging company in its efforts to expand its business regionally and globally. Foodics has managed to establish its brand position to be at the forefront to be in the restaurant and cafe sector in the region We are pleased to contribute to the support of the next growth phase and the empowerment of small retail companies in the region The areas of digital transformation and financial technology solutions, and we look forward to to support the company to reach its full potential and enter new markets. ”
Since its launch in 2014, Foodics has handled more than 5 billion orders on its platform, and last January announced the completion of its first acquisition, with the acquisition of full ownership of POSRocket, the second largest provider of cloud technology for restaurants in the Middle East East and North Africa With plans to also complete mergers and acquisitions and global expansion in the near future in the countries of the Asia-Pacific region.
– is over –
Foodics is a leading restaurant technology company in the Middle East and North Africa, offering a comprehensive software-as-a-service digitization system that puts it at the forefront of the regional scene in the restaurant and cafe sector. Foodics has obtained an official license from the Central Bank of Saudi Arabia (SAMA) as a financial technology company, and its vision is to establish an integrated restaurant management system that enables restaurant owners to smoothly manage their operations and to grow their businesses. Foodics’ mission is to enhance the capabilities of restaurant owners and retailers through a comprehensive, cloud-based point-of-sale and restaurant management system that enriches their day-to-day operations. Foodics system serves various activities in the restaurant and cafe sector; From traditional restaurants and cafes, fast food restaurants, bakeries and food carts to cloud kitchens and retail stores. Since its launch in 2014, Foodics has handled more than 5 billion orders through its platform, making it one of the most successful companies in this field in the Middle East and North Africa. For more information, please visit the website: ics.com www.food
Prosus is a global consumer internet group and one of the world’s leading technology investors. The company focuses its global investments on markets with long-term growth potential, and builds leading consumer internet companies that empower communities and improve the quality of life of their residents. The company is focused on establishing targeted activities in the electronic advertising sector, food delivery, payment systems, financial technology and educational technology sectors. The group relies on its leading team and invests in business growth opportunities in the technology sector in the fields of logistics, financial technology, healthcare, blockchain technology, social platforms, e-commerce and others. The company’s team works tirelessly to support discerning entrepreneurs who use technology to enhance everyone’s everyday lifestyle. The products and services in which Prosus has invested, acquired or established meet the needs of more than two billion customers worldwide. For more information, please visit the website:. www.prosus.com
About Sanabel Investments:
Sanabel Investments is a leading investment company wholly owned by the Public Investment Fund, with a capital of $ 8 billion, which allocates more than $ 2 billion annually to private investments, including venture capital and growth strategies as well as small investment investments. Since the company’s founding in 2009, the days prove how bold ideas can supplant traditional business models and open new horizons in the manufacture, experience and consumption of products. Therefore, Sanabel hires entrepreneurs who use both the mind and natural resources to meet critical societal needs in scalable and sustainable ways so that its partners can invest. Sanabel Investments invests in good ideas, smart thinking and promising companies. For more information, please visit the website: www.sanabil.com
Sequoia Capital India Profile:
Sequoia Capital India supports daring entrepreneurs to build legendary companies; From the initial idea to the initial public offering and beyond. The company operates in the markets of India and Southeast Asia and collaborates with the founders of a large group of companies in various fields, including Baigos, Carousel, Druva, Gojik, Oyo Rooms, Tokopedia, Truecaller, Zilingo, Zomato, and others . The company encourages founders to explore their full potential, as the beginners who partner with Sequoia benefit from nearly 50 years of solid experience gained from working with companies such as Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe . Universities, philanthropy and non-profit organizations have always been the mainstay of the company’s investor base, ensuring a truly positive impact. For more information on Sequoia Capital India’s activities in India and Southeast Asia, please visit: www.india.sequoiacap.com/