Foodics, a Saudi cloud-based point-of-sale system for F&B businesses has raised $4 million in fresh funds, the startup announced today. The Pre-Series B investment comes from Riyadh Taqnia Fund (RTF), Kuwait-based Fatih Capital, and Riyadh-based Tech Invest Com and Naseel Holding. The round takes Foodics’ total investment raised so far to $8 million. The startup had raised its $4 million Series A in 2017.
Apparently, this round was also announced about two months ago but the financial details and names of investors (excluding Faith Capital) were missing from the previous statement.
Founded in 2014 by Ahmad Alzaini and Musab Alothmani, Foodics is an iOS-based point-of-sale system for F&B outlets that runs on iPads, allowing these businesses to accept payments, monitor sales, send orders to the kitchen, digitize menus, manage employees and analyze the business with smart reports.
The startup plans to use this latest investment plans to become an all-in-one POS system with a payment processing device optimized for retailers. That’s a very interesting move considering the fact that Foodics already has hundreds of businesses using its POS and would be willing to switch to its payment processing as it will obv. offer better integration and perhaps more competitive rates. Currently, the majority of retailers use Geidea devices in the Saudi market.
“For the first time in Saudi Arabia and the GCC, a local company will provide a full POS solution with Payment terminal, which is designed to be fully integrated with every type of business. Foodics plans to make the innovative device fast, simple and secure in order to help corporate users better focus on their businesses,” the company said in a statement.
The Foodics terminal that will first be introduced to the Saudi market and later rolled out to the rest of the Middle East (as Foodics software is being used almost all across the region) will allow businesses to easily key in a sale, quickly accept any form of payment, and print receipts, from one device.
Foodics also plans to launch web and Android-based version of its software, evolve its hardware and sell its solutions to new types of sellers (maybe its time for a rebrand).
“The custom-built and expanded product features will allow retailers to instantly sync their items, stock, prices, and data over online and offline channels. The retail point-of-sale app will also help intuitively manage orders for both online and brick-and-mortar stores. Now not only F&B businesses but also all retailers, from dry cleaners and florists, to clothing stores, will be able to use Foodics with its new vertical point-of-sale app,” said the Riyadh-headquartered company in its statement today.
The startup, per statement, was recently accepted to Saudi Arabian Money Authority’s (SAMA) Sandbox and is eligible to provide an all-in-one POS solution, facilitating the payment service to its clients.
Foodics co-founder and CEO, Ahmad Alzaini, commenting on the occasion, said, “We’re excited to launch all our new products as it means we’ll be serving more sellers and growing robust software. We’re always going to proactively reach out to businesses as their changing needs are our inspiration.”
Qusai Alsaif, a Senior Manager with Riyad Taqnia Fund and Foodics Board Member added, “Foodics today is a major player in the market as it successfully managed to surpass its clients’ expectations. This is our second investment in Foodics and it marks a strong believe in the company future. We are particularly excited to support the Company’s new FinTech initiative and leverage expertise in the area.”
Latest posts by MB Staff (see all)
- YouTube Premium and YouTube Music launch in different countries of MENA including UAE, Saudi, Bahrain, Kuwait and Lebanon - September 11, 2019
- Egypt’s Doctoorum raises investments for its medical tourism marketplace - September 9, 2019
- Dubai-based fintech Foloosi raises $500,000 seed to make cashless payments easy - September 8, 2019