FOODICS raises $170 million from investors

FOODICS, a cloud-based technology company that serves Middle Eastern eateries, announced on Wednesday that it had raised $170 million from a group of investors led by tech investor Prosus and Sanabil Investments, which is backed by Saudi Arabia’s national wealth fund PIF.

FOODICS’ regional and international expansion, as well as its merger and acquisition (M&A) strategy to improve market penetration, will be supported by the series ‘C’ finance, according to the company.

Other investors included Sequoia Capital India and STV and Endeavor Catalyst, as well as current investors STV and Endeavor Catalyst.

The fintech company, which is based in Saudi Arabia, runs a payments platform that serves a variety of businesses, including dine-in restaurants and cafés, quick service restaurants, bakeries, food trucks, and cloud kitchens.