Saudi-based restaurant management system start-up, Foodics, raised $4 million during its Series A funding round.
The funding, led by Saudi VCs firms Raed Venture and Riyadh Taqnia Fund (RTF), is Foodics’ first funding round.
“We are pleased to see the success of this round and the contribution of highly sophisticated and strategic investors to the company,” said Omar Almajdouie, Raed Ventures' founding partner.
The new investors will help Foodics consolidate its growth in the Middle East market, with an eye on opening new markets in Europe.
According to Almajdouie, the success of Foodics is an indication of how Saudi start-ups can enter complex technological fields which were previously exclusive to foreign companies.
Founded in 2014 in Al Khobar by entrepreneurs Ahmad Alzaini and Mosab Alothmani, Foodics offers an all-in-one iPad-based point of sale (POS) and restaurant management system that enables restaurants owners to manage their employees’ schedules, time-sheets, staff salary and more.
“The main purpose for this investment round will be to consolidate Foodics’ position in the Middle East,” said Ahmad Alzaini, CEO of Foodics..
"At first we are going to focus on hiring R&D, data science and AI experts to continue innovating, while at the same time we will keep hiring top talent for our customer success and support divisions, which are key elements for our customer happiness and therefore our future. Part of this round will be also used to expand globally, starting from Europe."
As described by Alzaini, Foodics’ products are characterised by their ability to integrate with Internet-based services such as accounting and inventory management systems.
“Foodics systems are offered in competitive packages for retailers and restaurants compared to old, expensive and non-smart POS systems offered by legacy providers,” he added.
The start-up currently has a team of 52 employees working from its offices in Riyadh, Jeddah, Khobar and Dubai and is currently used by over 600 F&B brands in the Middle East.
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