Saudi Arabian firm Foodics, which has created an all-in-one restaurant management system, has raised a $20 million Series B funding round, as it bids to expand into the micro-lending industry.
The 2014-founded company, headquartered in Saudi capital Riyadh, has “revolutionized the food tech scene in Saudi Arabia and the UAE,” its website writes, “and is steadily growing in the rest of the GCC region.”
Foodics’ latest funding, which brings its total backing to $28m, was led by the Saudi government’s Public Investment Fund subsidiary Sanabil, and Saudi Technology Ventures (STV). It claims to have served 10,000 F&B clients with its cloud-based POS platform, which includes a variety of features including table management and employee timesheets.
“2020 was a tough year during which we have proactively captured opportunities,” said Foodics co-founder and CEO Ahmad al-Zaini. “We are very thankful to all our clients, investors and partners who have joined us on this journey so far, and look forward to more success together in the future.”
The firm has also won a $100m injection from compatriot fund Maleem Investments to found Foodics Capital, a Shariah-compliant micro-lending solution for F&B ventures in the region.