Saudi startup Foodics raises SAR 15 mln in funding round

Saudi startup Foodics has closed a SAR 15 million ($4 million) investment round led by venture capital firms Raed Ventures and Riyad Taqnia Fund (RTF), in partnership with Neseel Holding and 500 Startups Fund, it said in a statement.

Riyadh-based Naseel Holding and venture capital seed fund 500 Startups also participated in the funding round.

Established in Khobar in 2014 by entrepreneurs Ahmed Alzaini and Musab Alothmani, Foodics is a cloud-based iPad POS (point-of-sale) system that enables restaurants to manage their transactions, inventory, employee scheduling, loyalty programs, and e-commerce.

Foodics will use the investment to expand and grow in its two current markets, Saudi Arabia and the United Arab Emirates. The company also plans to expand into new markets in the GCC and wider Middle East.