Startup Foodics raises series B funding round led by Sanabil Investments

Startup Foodics raises series B funding round led by Sanabil Investments

Other investors include Endeavor Catalyst, Elm & Derayah Strategic investment to help accelerate growth and international expansionRecruitment drive to secure talent for product growthRiyadh, Saudi Arabia.FOODICS, the F&B tech startup based in Saudi Arabia, has announced it has successfully raised US$20 million (SAR 75mil) in a Series B funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia's Public Investments Fund (“PIF”), and co-led by STV. Other investors include Endeavor Catalyst, Elm & Derayah.This new investment will enable FOODICS to grow its share in existing markets, accelerate its international expansion, as well as expand its Fintech offering.Ahmad Al-Zaini, Co-Founder and CEO commented, “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. At FOODICS, human capital has always been a strategic competitive advantage, and this is even more important now as we upscale with this latest investment. By 2022, our