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Wednesday, 27 April 2022

Saudi’s Foodics closes largest-ever SaaS series C round in Mideast

Saudi food startup closes blockbuster series C round: Saudi restaurant management platform Foodics has raised USD 170 mn in the biggest software-as-a-service (SaaS) series C funding round in the MENA region, it said in a press release last Wednesday. The round was led by global tech investor Prosus and Sanabil Investments, an investment company owned by the Saudi sovereign wealth fund. Foodics also received backing from Sequoia Capital India and existing investors including STV, Endeavor Catalyst, and Vision Ventures.

Where the money’s going: The funding will back the platform’s international expansion and help finance acquisitions to deepen its market penetration, the company said. It is also looking to launch new fintech, micro-lending and supply chain management services, as well as “non-food micro-retail outlets.”

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