Foodics Secures $4M Funding to Launch a Full POS Solution with Payment Terminal
DHL, the global brand in the logistics industry has launched Saloodo!
in the Middle East, to provide a digital platform that connects shippers and
transport providers for road freight needs within the UAE.
Foodics announced th raise of Pre-Series B financing round from
existing and new institutional investors to develop an all-in-one POS system
with a Payment Processing device optimized specifically for retailers. They
also are planning to offer its current iOS software on the web-version and
Android too, evolve its software and hardware portfolio and invite new types of
sellers to join the Foodics
The $4M of new funding
now doubles Foodics original investment to $8M. The newly received capital from
institutional investors Riyad TAQNIA Fund (RTF), Faith Capital, Tech Invest Com
and Naseel Holding, will allow Foodics to expand its omnichannel ecosystems to
a wide array of businesses.
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.
Foodics new strategy towards Fintech will continuously deliver a new
level of innovation to its clients, as well as aligns with the Saudi Government
Vision2030 to encourage digital transformation in all sectors and to support
achieving a cashless society. The company’s initiative with the payment
solution will be targeting the Saudi market, GCC and beyond. Foodics received
acceptance to the SAMA Sandbox and is eligible to provide an all-in-one POS
solution, facilitating the payment service to Foodics clients.
The Foodics terminal will allow users to easily key in a sale, quickly
accept any form of payment and print receipts, all from the convenience of one
device. The seamless solution will first be introduced to the Saudi market and,
later, rolled out to the rest of the Middle East.
The latest funding round paves the way for Foodics to launch a
point-of-sale app for retailers. The custom-built andexpanded product features will allow retailers to
instantly sync their items, stock, prices, and data over online and offline
channels. The retail point-of-sale app will also help intuitively manage orders
for both online and brick-and-mortar stores. Now not only F&B
businesses but also all retailers, from dry cleaners and florists, to clothing
stores, will be able to use Foodics with its new vertical point-of-sale app.
Foodics co-founder and CEO, Ahmad Alzaini, believes that Foodics plans
for 2020 are the start of a snowball effect. "We're excited to launch all
our new products as it means we'll be serving more sellers and growing robust
software. We're always going to proactively reach out to businesses as their
changing needs are our inspiration.
Senior Manager at Riyad TAQNIA Fund and Foodics Board Member, Qusai
Alsaif, commented. Foodics today is a major player in the market as it
successfully managed to surpass its clients expectations. This is our second
investment in Foodics and it marks a strong believe in the company future. We
are particularly excited to support the Company’s new FinTech initiative and
leverage expertise in the area .
The pre-Series B
$4M funding round closed in May, 2019, is backed by one of Foodics initial
Series A investors Saudi VC fund Riyad TAQNIA Fund (RTF). That initial
investment round in September 2017, helped scale Foodics into 17 new markets
and launch its Marketplace, a platform that offers users integrations with
third-party apps through the Foodics open API.
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