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FOODICS raises $20M in Series B funding round

Saudi Arabia: Saudi Arabia-based FOODICS, the F&B tech startup, has announced a $20M (SAR 75M) Series B funding round, led by Sanabil Investments (a firm wholly owned by Saudi Arabia’s Public Investments Fund) and co-led by STV. Other investors in the round include Endeavor Catalyst, Elm, and Derayah.

The startup offers an all-in-one retail management platform helping retail and restaurant owners run their business. Since its inception, FOODICS has processed over 5 billion orders through the platform, and over 50,000+ terminals while catering to over 10,000 F&B brands, the startup has shared. This latest investment round brings the total funds raised so far to $28M.

Ahmad Al-Zaini, Co-Founder and CEO commented on the major round, “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. We are very thankful to all our clients, investors, and partners who have joined us on this journey so far, and look forward to more success together in the future.

The new funds will enable the company to grow its share in existing markets, accelerate its international expansion, as well as expand its Fintech offering.

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