Saudi tech startup Foodics raises $20m in Series B funding
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Saudi tech startup Foodics raises $20m in Series B funding

Saudi tech startup Foodics raises $20m in Series B funding

The funding will enable the startup to grow its share in existing markets, ramp up international expansion, as well as expand its fintech offering

Saudi F&B tech startup Foodics has raised $20m (SAR75m) in Series B funding round, it announced on February 1.

The investment round brings the total funds raised by Foodics thus far to $28m (SAR105m). The round was led by Sanabil Investments, owned by the kingdom’s Public Investment Fund and co-led by STV. Other investors include Endeavor Catalyst and Elm & Derayah.

The funding will enable the startup to grow its share in existing markets, ramp up international expansion, as well as expand its fintech offering.

“We are delighted to start the year on such a high note, having been able to gain the support and trust of such prominent investors. 2020 was a tough year during which we have proactively captured opportunities,” said Ahmad Al-Zaini, co-founder and CEO.

“At Foodics, human capital has always been a strategic competitive advantage, and this is even more important now as we upscale with this latest investment. By 2022, our goal is to have 500 employees, and we are actively seeking extraordinary talents to join our team and grow together.”

Mosab AlOthmani, Foodics co-founder and CTO, added: “This funding round marks another significant milestone on our journey. With Foodics also officially recognised last month by the Saudi Central Bank as a fintech company, this will allow us to further fast track our product development, particularly into fintech for the retail sector.”

Sanabil Investments commented: “We are excited to lead this round and partner with Foodics as it grows and transitions to a fully integrated cloud-native payment and retail management platform. We view Foodics as a key enabler to the accelerating retail digitisation trends in the region.”

Since inception, the startup has processed over five billion orders through the platform, and over 50,000 terminals while catering to over 10,000 F&B brands.

The tech startup also secured $100m through Maalem Investments last year to further support Saudi retail merchants with Shariah-compliant micro loans.

Read: Saudi tech startup Foodics launches $100m fund for SMEs

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