KUWAIT CITY, 16 April 2019 — Faith Capital announced today their recent participation in the bridge round of Foodics, a competitive provider of cloud-based POS solutions in the GCC, focused in the F&B market. Faith Capital will play a pivotal role in the expansion and market share capture in the MENA region and beyond.
Since its inception in 2016, Foodics has revolutionized the food & beverage tech scene in Saudi Arabia and the United Arab Emirates; steadily growing both regionally and globally as well. It provides an iPad-based restaurant management platform that runs on the Cloud. Foodics allows single restaurants and food chains to optimize transactions, inventory, employee scheduling, logistics, delivery, loyalty programs and integrate with hundreds of third-party apps. It was originally set up in 2013 as a bespoke software development house for restaurants but then moved to a product-based SaaS startup in 2016. Since then, the company on-boarded 4,000 clients and deployed 10,000 terminals all over the Middle East. With cloud technology and multiple add-on iOS apps, thousands of restaurants, food trucks, cafes and fast-food chains across the Middle East are hiking their revenues and building their relationships with diners.
“Being present in five locations across the MENA region and having processed more than a billion orders, our mission at Foodics is to provide a restaurant management system that is built with our users in mind and grows with their needs,” says Ahmad Al-Zaini, the Co-Founder and CEO of Foodics. “In addition, by us offering high tech solutions and real-time restaurant management, we empower our clients and provide a unique style of dining fit for the future,” added Mosab Al-Othmani, Co-Founder and CTO of Foodics.
“Our strategy at Faith Capital has been to invest in startups that aim to progress our region by shifting traditional offline spaces into online spaces that are built on technical infrastructure,” says Mohammed Jaffar, Deputy Chairman and CEO of Faith Capital. “Foodics is indeed gradually transforming the traditional F&B behavior into one that is more progressive and innovative, advancing not only the market but restaurateurs around the region”.
“Much has been done for consumers in the F&B segment but the technical revolution has yet to consume the B2B space in F&B until now,” says Abdulaziz B. Al Loughani, Managing Partner at Faith Capital.