A Saudi food and beverage technology company raised 75 million riyals ($ 20 million) as part of a financing operation led by a subsidiary of the Saudi Public Investment Fund (the sovereign fund), as interest in emerging companies in the Middle East increased.
Riyadh-based Foodics will use the proceeds to expand its market share as well as expand its fintech offerings, according to a statement.
The company provides a technology platform that helps retail and restaurant owners run their businesses.
Sanabel Investments led the B Series of the financing round, which is wholly owned by the Public Investment Fund. Other companies also participated in the process, including STV, the venture capital fund that had previously invested in Careem, and Endeavor Catalyst and Elm & Derayah.
The Public Investment Fund, which previously invested in companies such as Uber Technologies and Geo Platforms, is the backbone of Saudi Arabia’s economic transformation plan.