Foodics raises $170M Series C
Foodics, a Restaurant-Tech company in MENA with a 360° SaaS ecosystem supporting its end-to-end digitization, raised a Mega round of $170M Series C.
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KSA-based cloud-based technology and payments platform for restaurants Foodics has successfully raised an unprecedented $170M in its latest funding round. The Series C round was led by Prosus, and Sanabil Investments with participation from Sequoia Capital India and existing investors including STV and Endeavor Catalyst.
Founded in 2014, Foodics is a restaurant management and Fintech ecosystem that empowers Food & Beverage (F&B) owners and merchants to run their operations more seamlessly and efficiently, thereby fast-tracking their own business growth in the process. The startup caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, food trucks through to cloud kitchens.
The KSA has observed an exceptional quarter of funding this year observing a 212% QoQ growth in funding, as recorded in our KSA Q1 2022 Venture Investment Report. The Kingdom amassed $256M in Q1’22, marking it as the highest they’ve ever raised in a single quarter to date. KSA saw a prevalent trend towards Later-Stage (>20M+) deals this year, with 59% of total funding raised in the KSA falling in this category, led by Nana’s $50M and Master Works $40M. The round raised by Foodics is the 2nd Mega round closed this year by MENA-based startups following FinTech Rain's $110M. The Food & Beverage industry in MENA has been making great strides marking Foodics' $170M as the second-highest funding round in the region after Kitopi's $415M Series C last year. Earlier this year, Foodics also acquired Jordan-based cloud-based platform POSRocket.
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Foodics has seen a high demand for the company's cloud-based point of sale system offering a seamless operations management option for restaurants and retail stores. Ahmad Al-Zaini, Foodics Co-Founder and CEO commented on their journey saying: “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 F&B entrepreneurs and owners who make up the majority of our client community. We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead together”.
Fahd Beg, Chief Operating Officer of Prosus Food, said “We believe restaurant-tech is an exciting opportunity within the food ecosystem with significant growth potential. Foodics has already established a strong regional presence by leveraging its product vision, technical excellence, and brand. We look forward to partnering with the exceptional Foodics team as they continue their expansion geographically and across adjacent verticals.”
Sanabil Investments spokesperson commented, “Sanabil is thrilled to back Foodics, an emerging leader with strong ambitions to expand regionally and internationally. Foodics has built strong brand recognition, unparalleled in the regional F&B market. We are excited to be part of the next phase of growth in enabling micro-retail businesses at the intersection of digitization and fintech solutions. We look forward to supporting the company in realizing its full potential and unlocking new markets.”
Foodics will use the latest round to support its regional and international expansion including its M&A strategy to increase market penetration. The company will also use the proceeds to launch and scale new initiatives around FinTech, micro-lending and supply chain management, alongside boosting its innovation capabilities. The startup is also planning to expand into non-food micro-retail outlets as a new segment.
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