Saudi-based restaurant management system startup Foodics managed to raise $4 million during its Serie A funding round.
The funding that was led by Saudi venture capitals Raed Venture and Riyadh TAQNIA Fund (RTF) is Foodics’ first ever external fund.
“We are pleased to see the success of this round and the contribution of highly sophisticated and strategic investors to the company,” Omar Almajdouie, Raed Ventures founding partner, said.
The new investors will help Foodics expand its growth into both the Saudi and UAE markets, with an eye on opening new markets in the GCC/Middle East region.
According to Almajdouie, Fodics’ success is an indication of how Saudi startups can enter complex technological fields which were previously exclusive to foreign companies.
Founded in 2014 in Al Khobar by entrepreneurs Ahmad Alzaini and Mosab Alothmani, Foodics offers an online management system that enables restaurants to manage their employees’ schedules, time-sheets, staff salary through its iPad-based POS system.
As described by Alzaini, Foodics’ products are characterized by their ability to integrate with Internet-based services such as accounting and inventory management system.
“Foodics systems are offered in competitive packages for retailers and restaurants compared to old, expensive and non-smart POS systems offered by legacy providers,” he added.
According to Alzaini, Foodic’s products can be integrated with the widely available fast-growing on-demand food delivery platforms.