CEO and co-founder of Foodics, Ahmed Al-Zeini, said in an interview with the Al-Arabiya channel, that the company aims to serve 100,000 restaurants over the next two years.
Foodics, a point-of-sale, restaurant management, and financial technology platform, has raised $170 million in a new Series C funding round headed by Prosus and Sanabel Investment Company, which is controlled by the Public Investment Fund.
“Foodex is a cloud-based restaurant management system that includes everything from the kitchen to ordering, paying, and subscribing to monthly subscriptions. The Saudi Central Bank granted us permission to conduct electronic financial transactions in our activities in 2020 “Added Al-Zayni.
He pointed out that the parties involved in the recent investments, which amounted to more than 640 million riyals, included the Sanabel Company of the Public Investment Fund, Sequoia Capital, and current investors in the company.
“We are focusing on geographical expansion in nations like Egypt, and our main entrance is in the Egyptian market, and we are investigating our expansion in Africa and South Asia,” Al-Zayni said.
According to Al-Zayni, the company currently serves over 21,000 eateries and plans to serve more than 100,000 in the next two years, with a market share of more than 30% in Saudi Arabia.
Regarding the company’s public offering, Al-Zeini said, “We are studying this during the next period of one to three years, and the target markets are the local market in Saudi Arabia and the American market.”