Foodics secures $20m in funding circular led by PIF vehicle
A Riyadh-based business that provides operating application to the restaurant organization has secured $20 million in venture financing to expand.
The Series B funding round for Foodics was led by Sanabil Investments, a subsidiary of the kingdom's Public Expenditure Fund, and STV. Different backers contain Endeavor Catalyst, Elm & Derayah.
"We happen to be delighted to start the year on such a high note, having had the opportunity to get the support and trust of such prominent investors," Ahmad Al-Zaini, co-founder and chief executive of Foodics, said.
Founded in 2014, Foodics has five regional office buildings around Saudi Arabia, the UAE and Egypt. The business provides program that manages client orders, inventory, personnel scheduling and other operational factors to restaurants, cafes, meals trucks, cloud kitchens and various other businesses.
The company is seeking to expand into other sectors, such as for example retail, and plans to use a number of the funds raised to expand its workforce around 150 staff.
"At Foodics, human being capital has always been a strategic competitive advantages, and this is a lot more important today as we upscale with this most recent investment. By 2022, our goal is to have 500 employees," Mr Al-Zaini said.
The business also recently signed an agreement with Maalem Financing to set up Foodics Capital, a division that may offer micro-loans to its SME customer base.
"With Foodics also officially recognised last month by the Saudi Central Lender as a FinTech enterprise, this will allow us to further fast-track our product development, particularly into FinTech designed for the retail sector,” co-founder and chief technology officer Mosab AlOthmani said.
“We are encouraged by Foodics' perspective and what they possess accomplished up to now," Ahmed AlNaimi, somebody at investor STV, said. "The company is strategically positioned to become significant infrastructure for SMEs and a de facto program to hook up digital players with offline merchants.”
Source: www.thenationalnews.com
