Riyadh-based restaurant management platform Foodics has expanded to Egypt with an on-the-ground presence in Cairo, it announced in a statement to MENAbytes today. The expansion comes a little over a year after Foodics raised $4 million in an investment round. Its total raise to date stands at $8 million. The Saudi startup is currently raising a Series B round, it said in a statement, without sharing further details.
Started in 2014 in Saudi, Foodics has maintained a strong presence in Saudi and UAE since then. It serves clients all over GCC but apparently the two main markets until now have been Saudi and UAE.
The startup offers what it bills as an all-in-one Point of Sale solution and restaurant management platform, enabling restaurants and cloud kitchens to run their business and operations smoothly. The software that runs on tablets allows businesses to accept payments, monitor sales, send orders to the kitchen, digitize menus, manage employees, and analyze the business with smart reports.
Its software also offers integration with over 100 other apps, through its marketplace. It sells the software for a fixed monthly subscription fee. Foodics in a statement claimed that it has so far serviced over 5,000 clients with its software being used in more than 10,000 F&B outlets. It said that its platform has processed over a billion orders through its SaaS platform, with over $2 billion in GMV transactions in 2019.
Ahmad Al-Zaini, the co-Founder and CEO, commenting on Egypt expansion, said, “With an F&B Market estimated to be worth around $15 billion and growing at a 15-20 percent rate over the next 5 years, Foodics’ expansion into Egypt was always an integral part of our business plan.”
“Our objective is to continue to accelerate the F&B and retail end to end digitization across the region and beyond. As our proprietary technologies continue to add value and facilitate the growth of the industry, we are confident that our latest market entry into Egypt will be a tremendous success,” he added.
Foodics is starting in Egypt with the launch of its SaaS platform and hardware for restaurants. It also plans to launch Foodics Now, its platform that enables restaurants to start their own website or mobile app to sell online, at a later point.
The startup has appointed Mohammad Ayman who previously served as Country Operations Manager at Glovo, to lead the Egyptian for it.
Mohammad, speaking about the expansion, said, “Given the market potential, we have ambitious targets for Egypt. During our pilot phase, our 360° SaaS Ecosystem was in fact extremely well received by Egyptian businesses, with our sales team in Egypt already successfully closing over 15 new businesses. Now that we are officially launching, we are forecasting closing well over 50 businesses before year-end.”
Latest posts by Zubair Naeem Paracha (see all)
- Delivery Hero launches DX Ventures, a $60 million early-stage fund to invest in global startups - January 12, 2021
- Checkout.com triples valuation to $15 billion with a new funding round - January 12, 2021
- Dubai fintech Sarwa expands its investment advisory platform to Saudi after receiving fintech experimental permit - January 10, 2021