Foodics, a Saudi Arabia-based restaurant management systems startup, has raised $4 million in a Series A round, it announced over the weekend.
According to a statement, the round was led by Saudi venture capital firms Raed Ventures and Riyad TAQNIA Fund.
The investment will be used by the startup to expand and grow in the Saudi and UAE markets, as well as expand into newer markets in the Gulf and MENA.
Foodics was founded in Al Khobar in 2013-14 by Ahmad Alzaini and Mosab Alothmani. The company then moved to Badir Program for Technology Incubators in Riyadh in 2015.
Foodics graduated from Badir Program in Q4 2016 and currently employs 52 employees in 4 cities: Riyadh, Jeddah, Khobar, and Dubai.
The startup offers an iPad-based restaurant system to its clients. According to a profile in Wamda, this cloud-based service offers an electronic menu, a point of sale (POS), a kitchen display system, and an inventory management function.
The founders also claim that Foodics is compatible with most food delivery platforms currently operating in Saudi Arabia and the UAE.
Foodics is said to be used by more than 100 brands in the restaurant business in Saudi Arabia, and others in Bahrain, Egypt, and the UAE.
The Foodics funding comes after almost a year since the last food tech investment in the Gulf region.
In late 2016, Dubai-based food tech startup Lunch:on raised seed funding worth $500,000 in a round led by Wamda Capital. Arzan VC, Dubai Angel Investors and others.