Saudi Arabian retail management platform Foodics expands operations to Egypt
STARTUP WATCH- Saudi Arabia-based retail management platform Foodics has set up shop in Egypt as part of the company’s regional expansion plan after raising USD 4 mn in a pre-series B investment round in 2019, Wamda reports. Foodics, which was founded in 2014, is now working on outfitting 15 local businesses with its cloud computing software, which it hopes to grow to 50 local partners by the end of the year. “Egypt is the second largest F&B market in the region after Saudi Arabia. There is so much potential in there,” said co-founder Ahmad Al-Zaini.
Foodics is also looking to launch its micro-loan subsidiary, Foodics Capital, in Egypt next year after launching in Saudi Arabia by the end of 2020. The company has secured north of USD 100 mn for on-lending to its merchants, AlZaini said.