Riyadh – Mubasher: FOODICS, a cloud-based technology and payments platform for restaurants in the Middle East and North Africa )MENA( region, has raised $170 million in a Series C funding round.
Prosus and Sanabil Investments led the fundraise transaction, along with other investors like Sequoia Capital India, as well as existing investors including STV and Endeavor Catalyst, according to a press release on Wednesday.
The Saudi company will use the proceeds of the funding to expand in addition to launch and scale new initiatives in fintech, micro-lending, and supply chain management, while endorsing its innovation capabilities.
The investment comes in line with the platform’s strategy to expand into the non-food and micro-retail sales.
Officially licensed as a fintech company by the Saudi Central Bank (SAMA), FOODICS aims to enable food and beverage (F&B) business owners and traders to enhance their operations.
Co-Founder and CEO of FOODICS, Ahmad Al Zaini, commented: “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.”
It is worth noting that FOODICS secured $20 million (SAR 75 million) in a Series B funding round last year.
