Saudi restaurant management system start-up FOODICS picks up $20 mln in Series B round

Saudi start-up FOODICS said on Monday (Feb 1) it has received $20 million funding in a Series B round.

The round was led by Saudi investors Sanabil, which is wholly-owned by the country’s Public Investment Fund, and co-led by STV. Other investors include Endeavor Catalyst, Elm, and Derayah, said FOODICS in a statement.

This latest round takes the start-up’s total funds raised to $28 million.

It will use the new investments to grow its share in its current markets, that include Saudi Arabia, UAE and Egypt (where it expanded into in September) and speed up its international expansion.

It also plans to expand its fintech offering. In October, the company partnered with Saudi Shariah-compliant consumer and SME financing provider Maalem Finance to launch a $100 million micro-lending arm for F&B businesses. FOODICS is licensed as a fintech company by the Saudi central bank.

Co-founders Ahmad Al-Zaini and Mosab AlOthmani started FOODICS in 2014. The start-up provides a cloud-based retail management system that includes point-of-sale, waiter digital menus, inventory management, table management, and kitchen display systems. Its system is used by foodservice companies such as food trucks, bakeries, restaurants and cloud kitchens.

FOODICS says it is behind over 50,000 terminals and caters to over 10,000 F&B brands.

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