Saudi’s Foodics raises $20 million Series B to grow its all-in-one restaurant management platform

  • Date: 01-Feb-2021
  • Source: MENAbytes
  • Sector:Retail
  • Country:Saudi Arabia
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Saudi’s Foodics raises $20 million Series B to grow its all-in-one restaurant management platform

Riyadh-headquartered restaurant management platform Foodics has raised $20 million in a Series B round co-led by Public Investment Fund's subsidiary Sanabil Investments and STV. It is the second investment by Sanabil in a tech startup in the region. The firm had invested last year in Dubai-based used cars marketplace SellAnyCar to help it expand to Saudi. Foodics' latest investment round was also joined by Endeavor Catalyst, Elm, and Derayah Ventures, and takes its total funding to date $28 million.

The announcement comes on the back of Foodics expansion into micro-lending. The startup has secured a $100 million commitment about three months ago from Saudi-based Maleem Investments for Foodics Capital, its lending arm that will offer Shariah-compliant microloans to F&B and retail merchants in the Kingdom.

Started as a cloud-based POS system for restaurants, Foodics now has big fintech ambitions focused on the F&B and retail sector of Saudi. It plans to use a part of the newly raised funds to work on them in addition to accelerating its international expansion and solidifying its position in the existing markets. Foodics' software that's available in English, Arabic, and French (with a Spanish version in the works), is being used by restaurants all over the