Saudi startup, FOODICS, raises US$20 million
Saudi -based F&B tech startup, FOODICS, has raised US$20 million in a Series B funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia’s Public Investments Fund (“PIF”), co-led by STV. This new investment will enable the startup to grow its share in existing markets, accelerate its international expansion, as well as expand its Fintech offering.
Since inception, FOODICS has successfully processed over 5 billion orders through its platform, and over 50,000+ terminals while catering to over 10,000 F&B brands. This latest investment round brings the total funds raised by FOODICS so far to US$28million.
Ahmad Al-Zaini, co-founder and CEO commented, “We are delighted to start the year on such a high note, having been able to gain the support and trust of prominent investors. 2020 was a tough year during which we have proactively captured opportunities. At FOODICS, human capital has always been a strategic competitive advantage, and this is even more important now as we upscale with this latest investment. By 2022, our goal is to have 500 employees, and we are actively seeking extraordinary talents to join our team and grow together”.
According to Mosab AlOthmani, FOODICS’ Co-Founder and CTO, FOODICS was officially recognized by the Saudi Central Bank (“SAMA”) as a FinTech company, allowing it to further fast track their product development, particularly into Fintech for the Retail sector.
The tech start-up recently announced its entry into the Egyptian market and that it had secured US$100 million through Maalem Investments to further support Saudi retail merchants with Shariah-compliant micro loans.