Saudi's Foodics purchases Solo to broaden self-ordering and restaurant software offerings
In a move to solidify its position as a leading restaurant technology and payments platform in the MENA region, Foodics, a Saudi-based company, has announced its strategic plan to target a public listing on Tadawul within 2-3 years. This ambitious goal is backed by a strong investor base, including Prosus, Sanabil Investments (PIF fund), Sequoia Capital India, STV, Raed Ventures, and most recently, Kamco Invest.
Foodics, founded in 2014 by Ahmad Al-Zaini, serves over 30,000 F&B business owners across 30 countries. The company, which is licensed as a Fintech by the Saudi Central Bank (SAMA), has processed over 6 billion orders through its platform and has raised $170 million in its Series C round.
As part of its growth strategy, Foodics has made strategic investments in three startups: Norma, Add, and Arzaq Plus. While Foodics is primarily known as a recipient of investment, the acquisition of Solo Venture, a UK-based provider of self-ordering kiosks and digital ordering solutions, will integrate self-service solutions and AI-powered analytics into Foodics' ecosystem.
The acquisition of Solo Venture is not Foodics' only strategic move. The company also plans to introduce "Buy Now, Pay Later" features for restaurant bills through the Arzaq Plus investment. This move aims to provide more flexibility and convenience to Foodics' customers.
Kamco Invest, a regional private equity firm, recently acquired a stake in Foodics as part of its strategy to invest in high-growth, tech-enabled businesses in the Middle East targeting IPOs. This acquisition, completed in late 2024, fits Kamco's focus on supporting technology-driven companies with strong market positions, and reflects confidence in Foodics' growth and innovation.
In summary, Foodics' strategic plan focuses on scaling its cloud-based platform that integrates restaurant operations, payments, and access to capital, serving over 33,000 restaurants with a gross merchandise value exceeding $10 billion annually. The company's investments in Norma, Add, and Arzaq Plus, as well as the acquisition of Solo Venture, position Foodics as a tech champion in restaurant management and payments, backed by a strong investor base aiming for regional market leadership and eventual public offering.
[1] Foodics Press Release, "Foodics Announces Strategic Investments in Startups and Acquisition of Solo Venture," www.foodics.com/press-releases
[2] Kamco Invest Press Release, "Kamco Invest Acquires Stake in Foodics," www.kamcoinvest.com/news
[3] Foodics, "About Us," www.foodics.com/about-us
[4] Saudi Central Bank (SAMA), "Fintech Licensing," www.sama.gov.sa/en/services/fintech
[5] Kamco Invest, "Investment Philosophy," www.kamcoinvest.com/investment-philosophy
Foodics' strategic plan includes expanding its business in the finance sector, as it plans to introduce "Buy Now, Pay Later" features for restaurant bills. This move leverages technology to provide more convenience to Foodics' customers.
Foodics' investor base, led by Kamco Invest, aims to support the company's growth and innovation in the business technology sector, with the ultimate goal of a public listing on Tadawul.
