Foodics, a Saudi cloud-based point-of-sale system for F&B businesses has raised $4 million in fresh funds, the startup announced today. The Pre-Series B investment comes from Riyadh Taqnia Fund (RTF), Kuwait-based Faith Capital, and Riyadh-based Tech Invest Com and Naseel Holding. The round takes Foodics’ total investment raised so far to $8 million. The startup had raised its $4 million Series A in 2017.
Apparently, this round was also announced about two months ago but the financial details and names of investors (excluding Faith Capital) were missing from the previous statement.
Founded in 2014 by Ahmad Alzaini and Musab Alothmani, Foodics is an iOS-based point-of-sale system for F&B outlets that runs on iPads, allowing these businesses to accept payments, monitor sales, send orders to the kitchen, digitize menus, manage employees and analyze the business with smart reports.
The startup plans to use this latest investment plans to become an all-in-one POS system with a payment processing device optimized for retailers. That’s a very interesting move considering the fact that Foodics already has hundreds of businesses using its POS and would be willing to switch to its payment processing as it will obv. offer better integration and perhaps more competitive rates. Currently, the majority of retailers use Geidea devices in the Saudi market.
“For the first time in Saudi Arabia and the GCC, a local company will provide a full POS solution with Payment terminal, which is designed to be fully integrated with every type of business. Foodics plans to make the innovative device fast, simple and secure in order to help corporate users better focus on their businesses,” the company said in a statement.
The Foodics terminal that will first be introduced to the Saudi market and later rolled out to the rest of the Middle East (as Foodics software is being used almost all across the region) will allow businesses to easily key in a sale, quickly accept any form of payment, and print receipts, from one device.
Foodics also plans to launch web and Android-based version of its software, evolve its hardware and sell its solutions to new types of sellers (maybe its time for a rebrand).