Riyadh – Mubasher: FOODICS, a Saudi -based food and beverage tech startup, has successfully raised $20 million (SAR 75 million) in a Series B funding round led by Sanabil Investments, a firm fully owned by the Public Investments Fund (PIF), and co-led by STV. Other investors include Endeavor Catalyst, Elm and Derayah.

The new investment will help FOODICS grow its share in existing markets, accelerate its international expansion, and expand its fintech offering, according to a press release on Monday.

The tech startup, which offers an all-in-one retail management platform helping retail and restaurant owners run their business, had recently announced its entry into the Egyptian market and that it had secured $100 million (SAR 375 million) through Maalem Investments to further support Saudi retail merchants with Shariah-compliant microloans.

Co-Founder and CEO of FOODICS, Ahmad Al-Zaini, commented, “We are delighted to start the year on such a high note, having been able to gain the support and trust of such prominent investors. 2020 was a tough year during which we have proactively captured opportunities.”

“This funding round marks another significant milestone on our journey. With FOODICS also officially recognised last month by the Saudi Central Bank (SAMA) as a FinTech company, this will allow us to further fast track our product development, particularly into fintech for the retail sector,” FOODICS’ Co-Founder and CTO, Mosab AlOthmani, remarked.

This latest investment round brings the total funds raised by FOODICS so far to $28 million (SAR 105 million).