Many Middle Eastern startups have met their goals for 2022, such as getting more money, expanding to more places, and making new products. With more capital, collaborations, and new products being developed, the region’s startups made news like never before.
Foodics, a food technology company based in Saudi Arabia, has been growing like a snowball and is now one of the busiest companies in the area. Foodics is a Saudi Arabian food and fintech company that has been around since 2014.
According to Arab News, Ahmad Al-Zaini, co-founder and CEO of Foodics, said that the company’s first acquisition and phase C fundraising round were the most important things this year. Foodics’ mega-funding phase this year was the firm’s second greatest success, as it set the company on a path toward expansion and established it among the most financed businesses in the region.
Foodics Collects $198M Funds from Different Investors
According to Al-Zaini, Foodics secured the largest software-as-a-service Series C financing in the MENA region, totaling $170 million. Since its launching, they’ve come a long way. They are delighted that they could get money from top-tier international investors in technology to speed up their work for food and beverage (F&B) businessmen, who make up most of their clients.
Since its establishment, the company has raised $198 million from prominent investors such as Sanabil Investments, Endeavor Catalyst, STV, Prosus, Vision Ventures and Sequoia Capital India.
This year, Foodics introduced microlending products that will greatly help its customers. This was an exciting change for the company. Also, the company grew its fintech services and joined forces with Paymob, one of the best fintech companies in the region.
In addition to their relationship with Paymob, Al-Zaini said that the company had signed 15 long-term strategic partnerships with businesses around the Arab World and Egypt.
Foodics Partners with UAE Ministry of Economy to Help Businesses in the Food
Foodics has also teamed up with the UAE Ministry of Economy to help small and medium-sized businesses in the food and drink industry. He also said that 2022 would be a big year for change in Saudi Arabia because many new companies would start up to meet consumer needs through innovation.
The combination of government-funded infrastructure and an entrepreneurial spirit in the Kingdom has changed how people live by making economic growth more manageable and accessible in all areas.