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News In Brief Startups

Foodics Raises $ 170 Million from Sequoia Capital India, Others

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Foodics Raises $ 170 Million from Sequoia Capital India, Others
22 Apr 2022
min read

News Synopsis

Sequoia Capital India and Prosus NV have backed Saudi Arabia's food and beverage technology startup Foodics with a $170 million round of funding. This is because investors around the world are increasingly seeking to help the fast-growing companies in the Middle East.

Riyadh-based Foodics will use its revenue to improve its services and expand into new countries, CEO Ahmad Al Zaini said in an interview. The company is also exploring potential acquisitions of competitors to support its growth and will expand to FinTech after obtaining a license from the Central Bank of Saudi Arabia.

Sequoia made its first investment in Saudi Arabia in January and led the Lean Technologies funding round. Recently, it has been supporting companies from Turkey to Egypt to deepen their presence in the Middle East.

Foodics, a provider of restaurant management software, digital payments, and micro credit, finally raised $20 million from investors in early 2021. According to Al Zaini, the company is likely to have sufficient funds to continue for the next few years and will consider an IPO after that.