Foodics, the leading foodtech and fintech company based in Saudi Arabia, has announced that it signed a Memorandum of Understanding (MoU) with droppTV, the world’s first shoppable video streaming platform.
The MoU, which was inked during the 2021 Future Investment Initiative held in Riyadh, comes on the heels of Foodics announcing a partnership with American Express Saudi Arabia last month, further strengthening its position as a fintech company.
Dropp has pioneered a new genre of native ecommerce, which enables consumers to shop directly within all forms of streaming content. All transactions happen within the filmic flow of the content itself without overlays, ads, pre-rolls, or redirects.
Dropp is quickly expanding the application of its shopatainment technology across various industries including, music, film, fashion, and now, food and beverage.
Omar Abdulrhahman, Foodics’ head of expansion & revenue, commented: “Our restaurant management ecosystem is growing with new verticals and embedded marketing tools. We are excited to now be partnering with innovative AR/VR start-ups such as droppTV, powering the very first virtual food-court experience or as they prefer to term it, ‘eatertainment’.”
This partnership will enable Foodics’ restaurant merchants to have the capability of converting every video they publish into a prime call to action, a shoppable video, as well as have access to cutting-edge AR/VR tools to truly showcase their desired experiences virtually.
“We are delighted to welcome the droppTV team to the extended Foodics family”, he added.
Faisal Al Monai, droppTV co-founder and chairman, said: “Expansion into food and beverage is a natural evolution for droppTV. We are excited to work with Foodics, a cutting edge leader in the space, to deliver users a unique entertainment-driven shopping experience.”
Since its inception, Foodics has successfully processed over 5 billion orders through the platform, and over 50,000+ terminals, while catering to over 12,000 F&B brands.
The tech company, which offers an all-in-one retail management platform helping retail and restaurant owners run their business, earlier this year announced its Series B financing, bringing the total funds raised by Foodics so far to $28 million (SAR105m).
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