Foodics raises $170m in the largest SaaS Series C round in MENA

Foodics raises $170m in the largest SaaS Series C round in MENA

Foodics, cloud-based technology and payments platform for restaurants in the MENA region, raised $170 million in a Series C funding round led by Prosus and Sanabil Investments. The round witnessed participation from Sequoia Capital India and existing investors including STV and Endeavor Catalyst.

Foodics is a restaurant management and FinTech ecosystem that empowers Food & Beverage (F&B) owners and merchants to run their operations more seamlessly and efficiently, thereby fast-tracking their own business growth in the process.

This latest round will support the startup’s regional and international expansion including its M&A strategy to increase market penetration. The company will also use the proceeds to launch and scale new initiatives around fintech, micro-lending and supply chain management, alongside boosting its innovation capabilities to better serve business owners. As part of its growth strategy, it will also expand into non-food micro-retail outlets as a new segment.

“Foodics has come a long way since our early days and we are proud to have been able to secure capital from premium international tech investors to further power our journey. This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community. We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead together,” Ahmad Al-Zaini, Foodics Co-Founder and CEO stated.

Since its inception in 2014, Foodics has successfully processed over 5 billion orders through its platform. It also made its first acquisition last January, with the full ownership of POSRocket with further M&A activities and international expansion moves on the cards, including to countries in the APAC region.

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