Saudi restaurant tech firm Foodics has raised $170 million in a Series C round, the company announced on its website Wednesday (April 20).
According to the announcement, the funding will support Foodics’ expansion regionally and internationally, including its merger and acquisition strategy. In addition, the company will use the new capital to launch and scale FinTech, micro-lending and supply chain management initiatives, while also working on expanding into non-food micro-retail outlets.
“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,” said Ahmad Al-Zaini, the company’s co-founder and CEO. “This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the [food and beverage] entrepreneurs and owners who make up the majority of our client community.”
Foodics offers what it calls a “restaurant management and fintech ecosystem” that lets food and beverage owners and merchants run their operations more efficiently. In its announcement, the company said it caters to every category in the sector “from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, food trucks through to cloud kitchens.”
Founded in 2014, the company said it has processed more than five billion orders through its platform.
In January, the company acquired the Middle East and North Africa (MENA)-based restaurant cloud technology platform POSRocket, a move that let Foodics consolidate the market and take a leadership position in Egypt, Kuwait, Oman and Jordan.
See also: Foodics Acquires POSRocket to Boost Payment, Supply Management
“The region has recently witnessed a significant acceleration in the digitization of operations in both the retail and F&B sectors due to the pandemic,” Al-Zaini said at the time. “As a result, businesses have had to augment their online presence, in order to follow their customers’ footprints and provide them with an optimal customer experience.
“We chose POSRocket as they were able to fully leverage this trend, having gained the trust of an exponential number of merchants for their services, which will be further enhanced with this strategic acquisition.”