FOODICS, which makes restaurant management software, announced today that it has raised a $20 million Series B round of funding. The round was led by Sanabil Investments (a firm wholly owned by Saudi Arabia’s Public Investments Fund) and STV, with participation from Endeavor Catalyst and Elm & Derayah. This brings the total amount of funding raised by FOODICS to $28 million.
Based in Saudi Arabia, FOODICS offers a suite of restaurant management features that includes a cloud-based point-of-sale system, as well as iPad-compatible apps for inventory management, employee timesheets, digital menus, analytics, and a kitchen display system. According to the company’s website, FOODICS has more than 7,000 customers and has processed more than one billion orders.
The global pandemic has wreaked havoc on the restaurant industry, decimating sales, forcing the closure or reduction of dine-in eating capacity and shuttering thousands of businesses. But at the same time, it has created new opportunity for restaurant software platforms like FOODICS.
As digital ordering becomes more and more the norm and restaurants shift their focus to off-premises meal formats (e.g., takeout, delivery), software platforms can help with that transition. There is a need for coordinating orders, integrating orders with third-party delivery systems and expediting meals once they are ready. Software can also provide valuable data on customer ordering and experiences that can assist restaurants in becoming more efficient.
There are a number of players such as Toast and Olo in the restaurant software space that have been adapting their platforms to new pandemic realities over the past year. Toast, for example, saw its valuation practically double over the course of 2020, and could potentially IPO this year.
With its new funding, FOODICS says it will expand its share in existing markets, accelerate its international presence and expand its Fintech offering.
Leave a Reply