Foodics is a Saudi-based food and fintech company that offers point-of-sale solutions with hardware and software to boost the food and beverage sector.
Foodics acquired POSRocket and became the dominant restaurant-tech provider in the Middle East and North Africa region.
This landmark acquisition was a strategic move and one that enabled Foodics to consolidate the market, as well as take market leadership positions in Egypt, Kuwait, Oman and Jordan on top of the dominant position it already has in the rest of GCC.
Established in 2016, POSRocket is a Jordan-based point-of-sale software provider for restaurants that was dubbed the second largest cloud technology provider in the MENA region.
The second most notable achievement for Foodics this year was its mega-funding round which positioned the company on a growth trajectory and made it one of the most funded startups in the region.
Raising a total of $198 million since its inception, the company managed to onboard top-notch investment firms like Sanabil Investments, STV, Endeavor Catalyst, Vision Ventures, Prosus and Sequoia Capital India.
Foodics has also secured a partnership with the UAE’s Ministry of Economy that aims to promote the growth of small and medium enterprises in the F&B sector.
The Kingdom’s Vision 2030 aims to drive the digital transformation of numerous sectors and inspire new collaborations between the public and private to create a greater impact. The country is building a great foundation of success for the future, during which unprecedented reforms were made in the public sector’s operating model, the economy and society as a whole.