The Saudi-based Foodics (a restaurant management system available for Apple iPad) has recently raised $4 million in its Pre-Series B round from existing investors Raed VC, Riyad TAQNIA Fund and Naseel Holdings, plus the new ones Faith Capital and Tech Invest Com.
The funding will be deployed to develop an all-in-one POS system with a payment processing device optimized for retailers. The platform is currently only available to iOS users only – and with this newly received capital, it will be made available on Android and desktop as well.
This is going to be the first time in Saudi Arabia and GCC, that a regional company would be able to provide a POS solution with payment terminal which can be integrated with any kind of business.
This new fintech angle of Foodics is exactly in sync with Saudi government’s Vision2030 initiative of building a cashless economy.
Foodics has received acceptance to the SAMA Sandbox and is eligible to provide its POS solution.
The Saudi Arabian Monetary Authority – SAMA had launched a sandbox called ‘SAMA Sandbox’ in February this year to develop a regulatory environment to understand and assess the impact of new technologies in the financial services market of the Kingdom.
Statements enclosing the deal
“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.”
– Ahmad Alzaini – Co-founder & CEO
“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”.
– Qusai Alsaif – Sr. Manager, Riyad TAQNIA
Image Source: Magnitt