Saudi PIF-owned firm leads $20m funding for food start-up

Saudi PIF-owned firm leads $20m funding for food start-up

Riyadh-based Foodics will use the proceeds to grow its market share as well as expand its fintech offering

A Saudi Arabian food and beverage technology firm raised SAR75 million ($20m) in funding led by a company controlled by the kingdom's sovereign wealth fund as interest in start-ups picks up in the Middle East.

Riyadh-based Foodics will use the proceeds to grow its market share as well as expand its fintech offering, according to a statement. The company, which was founded in 2014 in Al Khobar by entrepreneurs Ahmad Alzaini and Mosab Alothmani, offers an all-in-one iPad-based point of sale (POS) and restaurant management system that enables restaurant owners to manage their employees' schedules, time-sheets, staff salary and more.

Foodics offers an all-in-one iPad-based point of sale and restaurant management system

“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,” said AlZaini, co-founder and CEO of Foodics.

In September,  Foodics expanded to Egypt, with plans to expand to Kuwait during Q1 2021, while AlZaini revealed plans to hire an additional 500 employees by 2022

The Series B funding round was