Restaurant tech company Foodics secures $170 million in funding
Saudi Arabia-based restaurant technology company Foodics raised $170 million in a Series C funding round led by Prosus and Sanabil Investments.
The round was also joined by Sequoia Capital India and some existing investors including STV and Endeavor Catalyst.
Foodics Co-Founder and CEO Ahmad Al-Zaini said, “This latest investment will allow us to accelerate the development of our end-to-end tech stack ecosystem to better support the entrepreneurs and F&B owners who make up the majority of our customer community. .
“We are grateful to our existing shareholders, Sanabil Investments and STV, for their confidence in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead of us together.
The company will use the proceeds to fund domestic and overseas expansion, including mergers and acquisition strategies.
Foodics will also use the capital to build its innovation capabilities and introduce new initiatives around fintech, micro-credit and supply chain management.
It also plans to expand its presence in non-food micro-commerce as a new segment.
Fahd Beg, Chief Operating Officer of Prosus Food, said, “We believe restaurant technology is an exciting opportunity within the food ecosystem, with significant growth potential.
“Foodics has already established a strong regional presence based on its product vision, technical excellence and brand. We look forward to partnering with the exceptional team at Foodics as they continue to expand geographically and into adjacent vertical markets. »