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The Jordan-based cloud Point of Sale platform POSRocket has successfully raised an impeccable $5M in their latest fundraise. The funding round was co-led by the SANAD Fund for MSME and Algebra Ventures with the participation of Vision Ventures, Khwarizmi Ventures from Saudia Arabia, Edgo group, the Innovative Startups And SMEs Fund (ISSF), Etihad Bank, Seedstars, and angel investors from the Kingdom of Saudi Arabia.
Founded in 2016 by Zeid Husban, POSRocket develops cloud-based POS software for restaurants and retailers. The software supports growing businesses by optimizing staffing, regulating inventory, generating sales reports, and allowing owners to remotely monitor all operations in real-time.
This round comes after the company successfully achieved substantial year-on-year growth and after previously raising $1.5M in an initial funding round. Zeid Husban, founder and Chief Executive Astronaut commented on this journey “It’s been a thriller! We locked in thousands of merchants with an aggregate transaction value of over $2 billion. We managed to maintain a prime focus on quality, capital efficiency, and unique customer experience enabling the company to grow fast while maintaining a healthy unit of economics. This has been key to our success since our series A,”
Maneuvering the cloud POS markets in Jordan, Egypt, and Kuwait, POSRocket eyes expansion by venturing into KSA, with a strategy on moving upmarket and focused on the exponentially growing F&B quick-service industry. “We want to be in the hands of every merchant, no matter what shape or size” - referring to the rise of virtual brands/kitchens besides the traditional brick & mortar - “The integrated POS ecosystem coupled with e-payments is a necessity for a business to survive and grow in today’s marketplace,” added Husban.
POSRocket is now integrated with 50+ apps including online food aggregators, e-commerce, e-payments, 3rd party logistics, accounting, loyalty, and ERPs amongst other exciting innovations paving their way into the scene. The Tech startup plans to utilize these newly acquired funds into hiring top talent and diversifying product offerings, aside from expanding into new markets.
The team believes that their strategic partnerships with industry leaders & resellers like Zain group and Kuwait Finance House are key to their development, especially early partners SANAD as Husban concluded “The competition inspired and motivated our vision in our early days. We are thankful to
have SANAD on board and bringing their core competencies in fintech and finclusion to complement Algebra’s continued strategic drive and on-ground guidance.”
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