Saudi tech startup Foodics raises $20m in Series B funding

Saudi tech startup Foodics raises $20m in Series B funding

Saudi F&B tech startup Foodics has raised $20m (SAR75m) in Series B funding round, it announced on February 1.

The investment round brings the total funds raised by Foodics thus far to $28m (SAR105m). The round was led by Sanabil Investments, owned by the kingdom's Public Investment Fund and co-led by STV. Other investors include Endeavor Catalyst and Elm & Derayah.

The funding will enable the startup to grow its share in existing markets, ramp up international expansion, as well as expand its fintech offering.

"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 Ahmad Al-Zaini, co-founder and CEO.

"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 goal is to have 500 employees, and we are actively seeking extraordinary talents to join our team and grow together.“

Mosab AlOthmani, Foodics co-founder and CTO, added: "This funding round marks another significant milestone on our journey. With Foodics also officially recognised last month by the Saudi Central