Saudi Arabia-based food and beverage (F&B) and retail technology startup, Foodics has raised $170 million in a Series C funding round in order to support its regional and international expansion.
The Series C funding round for Foodics was led by Sanabil Investments, the kingdom’s Public Investment Fund-owned investment company, and Prosus, one of the largest global technology investors in the world.
According to the statement, other investors included Sequoia Capital India and existing investors such as STV and Endeavor Catalyst.
“Foodics has come a long way since our early days and we are proud to have been able to secure capital from premium international tech investors to further power our journey. This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community. We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family.”
As per the company, “The company will also use the proceeds to launch and scale new initiatives around fintech, micro-lending, and supply chain management, alongside boosting its innovation capabilities to better serve business owners.” As part of its growth strategy, Foodics will expand into non-food micro-retail outlets as a new segment.
Mr. Fahd Beg, Chief Operating Officer of Prosus Food, said that, “Foodics has already established a strong regional presence by leveraging its product vision, technical excellence, and brand. We look forward to partnering with the exceptional Foodics team as they continue their expansion geographically and across adjacent verticals.”