Saudi Arabia-based Foodics, a tech start-up in the food and beverage (F&B) industry, has secured $20 million in fresh capital to fund its expansion and product development. 

The Series B funding round for Foodics was led by Sanabil Investments, a subsidiary of the kingdom's Public Investment Fund (PIF), and STV. Other backers include Endeavor Catalyst and Elm & Derayah, the company said in a statement.

The start-up, which offers an all-in-one retail management platform for retail and restaurant owners, recently entered the Egyptian market and secured $100 million through Maalem Investments to support Saudi retail merchants with Shariah-compliant micro loans.

The latest investment round brings the total funds raised by Foodics to $28 million.

"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," Ahmad Al-Zaini, co-founder and chief executive of Foodics, said.

Recognised by the Saudi Central Bank as a fintech company, Foodics will use the funds to expand its product development, particularly in fintech. It plans to expand its workforce to 500 by 2022, it said.

Start-ups in the Middle East and North Africa (MENA) region managed to raise more than $1 billion from investors in 2020, according to MAGNiTT’s 2021 report. The amount raised was a 13 percent increase on 2019.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@refinitiv.com

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