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Saudi-based FOODICS boosts footprint in Egypt

Saudi-based FOODICS boosts footprint in Egypt
Foodics is steadily growing in the rest of the GCC region

Riyadh – Mubasher: FOODICS, a Saudi Arabian-based retail and food and beverage (F&B) tech startup, announced its geographical expansion into the Egyptian market after establishing a strong presence in KSA and the UAE.

The latest expansion comes at the back of closing its series A, with the company now fundraising for series B, according to a press release on Sunday.

Since its inception in 2014, Foodics has revolutionised the food tech scene in Saudi Arabia and the UAE and is steadily growing in the rest of the GCC region.

The tech start-up, which offers a cloud-based all in one point of sale (POS) solution and management platform, has serviced over 5,000 customers and processed over a billion orders through the Foodics SaaS platform, totalling over $2 billion gross merchandise value (GMV) transactions in 2019 and catering to over 5,000 clients and over 10,000 F&B outlets.

“With an F&B market estimated to be worth around $15 billion and growing at a 15-20% rate over the next five years, Foodics’ expansion into Egypt was always an integral part of our business plan,” commented Foodics’ co-founder and CEO, Ahmad Al Zaini.

He added, “Our objective is to continue to accelerate the F&B and retail end to end digitisation across the region and beyond. As our proprietary technologies continue to add value and facilitate the growth of the industry, we are confident that our latest market entry into Egypt will be a tremendous success.”

Meanwhile, Egypt’s newly appointed country manager, Mohammad Ayman, concluded, “Given the market potential, we have ambitious targets for Egypt. During our pilot phase, our 360° SaaS Ecosystem was in fact extremely well received by Egyptian businesses, with our sales team in Egypt already successfully closing over 15 new businesses. Now that we are officially launching, we are forecasting closing well over 50 businesses before year-end.”