A Riyadh-based company that provides operating software to the restaurant business has secured $20 million in venture funding to expand.
The Series B funding round for Foodics was led by Sanabil Investments, a subsidiary of the kingdom's Public Investment Fund, and STV. Other backers include Endeavor Catalyst, Elm & Derayah.
"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," Ahmad Al-Zaini, co-founder and chief executive of Foodics, said.
Founded in 2014, Foodics has five regional offices across Saudi Arabia, the UAE and Egypt. The company provides software that manages customer orders, inventory, staff scheduling and other operational aspects to restaurants, cafes, food trucks, cloud kitchens and other businesses.
The company is looking to expand into other sectors, such as retail, and plans to use some of the funds raised to expand its workforce of about 150 staff.
"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," Mr Al-Zaini said.
The company also recently signed an agreement with Maalem Financing to set up Foodics Capital, a division that will offer micro-loans to its SME customer base.
"With Foodics also officially recognised last month by the Saudi Central Bank as a FinTech company, this will allow us to further fast-track our product development, particularly into FinTech for the retail sector,” co-founder and chief technology officer Mosab AlOthmani said.
“We are inspired by Foodics' vision and what they have accomplished so far," Ahmed AlNaimi, a partner at investor STV, said. "The company is strategically positioned to become critical infrastructure for SMEs and a de facto platform to connect digital players with offline retailers.”
