Foodics plans to earmark $100M for expansion, acquisitions

Anas AlGhanim, Director of Corporate Development at Foodics

Foodics Co. plans to allocate $100 million for future investments and acquisitions as part of its expansion strategy, said Director of Corporate Development at Foodics.

Speaking to Argaam on the sidelines of LEAP 2025, he said that the company has achieved over 40% annual growth in the past five years and currently serves more than 35,000 customers.

During the event, Foodics announced participation in three investment rounds. These include Greece-based Norma PE, an AI-driven reporting company; Arzag Plus, an automated supply chain company, and ADD Accounting, specializing in accounting solutions for restaurants.

The startup also recently acquired UK-based Solo Venture, a digital solutions provider for restaurant apps. However, the financial terms of the deal were not disclosed.

AlGhanim said restaurant technology is in a golden era, driven by government initiatives and industry efforts. Events like LEAP and the entry of global investors highlight the sector’s strong growth potential.

While Foodics offers a range of restaurant solutions, it plans to announce new expansion strategies into ancillary sectors.

Founded in 2013, Foodics provides a full restaurant management system, covering kitchen operations, ordering, payments, and subscriptions.

In 2020, the company secured the Saudi Central Bank (SAMA) license for electronic financial transactions.

Foodics Co-founder and CEO Ahmad AlZaini said in May 2024 that the startup is considering an initial public offering (IPO), aiming to list at least 30% of its shares on the Saudi Exchange (Tadawul) by late 2025.