Amman-based POSRocket has raised $1.5 million in a fund round led by Algebra Ventures and joined by Kuwait’s KISP Ventures and Arzan VC, Khobar-based Financial Horizon Group, and two angel investors. The round comes after POSRocket raised $650,000 in seed funding from Jabbar Internet Group, Propeller Inc, and Arzan VC less than a year ago.
Founded in 2016 by Zeid Husban, POSRocket has developed a cloud-based point-of-sale system that it sells to restaurants and retailers using a subscription model. The system allows these businesses to optimize their manpower resources, regulate inventory, generate different types of sales reports and monitor all the operations in real-time from anywhere in the world.
Zeid has previously also founded and successfully exited ifood.jo, a food delivery startup in Jordan that was eventually acquired by Delivery Hero. It was through his work with the restaurants at ifood.jo when he realized that the traditional POS systems are a big pain point for them.
Speaking about their plans, he said, “At POSRocket, we strive to build a merchant-centric, value-driven ecosystem. For us, it’s not only about sales totals, items in stock, or payments processed; it’s more than that. We’ve managed to introduce a new dimension to the point-of-sale by experimenting with advanced technologies like machine learning and blockchain.”
“Looking back at the first round of investment, we successfully solidified our value proposition, employed the right talent, crafted our operations, and embossed our brand identity in the Jordanian & Egyptian markets,” Zeid added, explaining how they’ve used the previous investment to grow their business.
Algebra Ventures’ Managing Partner, Ziad Mokhtar, commenting on the occasion, said, “Technology and the internet are changing the way restaurants and shops are doing business. Traditional barriers to collaboration are disappearing. POSRocket is laying the technological foundation that will allow this to happen. The team at POSRocket is exceptional and has the vision and stamina to transform the POS market in the region.”
Currently present in Jordan and Egypt, POSRocket plans to use the investment to continue its regional expansion.
“This round is all about leverage and scale. Partnering with such strategic veteran investors will fuel POSRocket to achieve it’s disruptive vision and propel us to further cross new borders. We could not be more thrilled,” noted Zeid Husban, the founder & CEO of POSRocket.
- NEOM Launches ‘Seven Senses’ Accelerator to Support Entrepreneurs in Saudi Arabia - March 26, 2023
- UNWTO Launches Startup Competition Supporting Female Tourism Tech Entrepreneurs in MENA - March 26, 2023
- Exits MENA Partners With Brainy Squad to Develop Creative Investment and Entrepreneurship Content - March 26, 2023