- Riyadh-based fintech firm helps restaurant operators boost their efficiency.
- Foodics has processed over 5 billion orders since 2014.
- The deal supports aims outlined in the Public Investment Fund's five-year strategy.
Sanabil Investments, which is fully owned by the Public Investment Fund, has co-led a $170 million funding round in Foodics, a cloud-based technology and payments platform for restaurants in the Middle East and North Africa.
The Series C round was also led by Prosus, one of the largest global tech investors, with participation of Sequoia Capital India and existing investors including STV and Endeavor Catalyst.
The Riyadh-based Foodics, a restaurant management firm licensed as a fintech by the Saudi Central Bank, helps food and beverage owners run their operations more efficiently. It caters to every segment of the sector, from dine-in restaurants and cafés to cloud kitchens, and its services include point-of-sale and online ordering.
The latest investment round will support Foodics' international expansion, and new initiatives around micro-lending, supply-chain management, and non-food micro-retail, according to a statement.
“[It] will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community," said Foodics CEO Ahmad Al-Zaini.
Since its inception in 2014, Foodics has processed over 5 billion orders through its platform.
The investment by Sanabil supports aims outlined in PIF's five-year strategy, which include developing Saudi Arabia's Telecom, Media, and Technology sector, and boosting the growth of Consumer Goods and Retail, including e-commerce.
