Sanabil and Prosus Invests in FOODICS
Posted on 04/20/2022
Riyadh-based FOODICS (official name: ALWANS for Information Technology Company) is a cloud-based technology firm serving restaurants in the Middle East. The Saudi payment platform raised US$ 170 million in a Series C round that was led by Prosus N.V. and Sanabil Investments, which is owned by Saudi Arabia’s Public Investment Fund. The capital gives FOODICS the ability to acquire companies as well. FOODICS is a restaurant management and fintech ecosystem that empowers food & beverage owners and merchants to run their operations more seamlessly and efficiently.
Other Series C investors included Sequoia Capital India, while existing investors included STV and Endeavor Catalyst.
Formally licensed as a Fintech company by the Saudi Central Bank (SAMA), FOODICS caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, food trucks through to cloud kitchens.
Prosus is a Dutch multinational conglomerate company that is the international Internet assets division of South African multinational Naspers.