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Saudi start-up Foodics acquires Jordanian counterpart POSRockets

Ahmad Al Zaini, CEO and co-founder of Foodics, and Zeid Husban, CEO and founder of POSRocket. Credits: Foodics

In the Middle East, one start-up can hide another. The Saudi start-up Foodics, which offers, among other services, dematerialized management solutions for restaurants, has just acquired its Jordanian sister company, POSRockets, with the aim of establishing itself on the market in Egypt, Kuwait, Oman, and, of course, in Jordan.

It’s not every day that a Saudi startup (winner of the Forbes Middle East Innovation Award, no less) makes an acquisition of this magnitude. Indeed, the Jordanian restaurant service provider POSRocket is no more and no less than the second biggest player in the region (Africa and the Middle East) on this market.

The pandemic, a vector of opportunity?

Ahmad Alzaini, founder and CEO of Foodics, has stars in his eyes. With this first acquisition, he aims to establish a successful and sustainable presence in the Egyptian, Kuwaiti, Omani and Jordanian markets. “The region has recently seen a significant acceleration in the digitization of operations in the retail and food sectors due to the pandemic,” he said.

Cloud-hosted solutions tailored to a multitude of retail businesses.

Proof if it were needed that the health situation, however aggravating it may be for many -too many- sectors of the economy, still comes with its share of development opportunities. And the food, e-commerce, and FinTech sectors are spearheading growth in the region, since they are the source of most of the investment generated by start-ups ($1.2 billion), up 64% over the first part of 2021, according to data company Magnitt.

Already a key player

While the amount of the deal was not disclosed, it is known that the operating software provider secured $20 million in venture funding in February last year to expand, in its second round of financing, led by SanĂ¢bil Investments, a subsidiary of the Saudi Arabian Public Investment Fund.

Promising figures for the start-up, which also offers a marketplace bringing together various players in the sector such as Deliveroo, Wssel, Shopbrain, and many others as part of a service offering deployed in French, English and Arabic, with a Spanish version under development.

Note that since its inception in 2014, Foodics says it has processed more than $5 billion in orders via its platform and is targeting 150,000 terminals by the end of 2024.