Expands food ordering services and software offerings for restaurants: Foodics, a Saudi company, acquires Solo.
In the dynamic world of restaurant and payments technology, Saudi-based Foodics continues to make significant strides. Founded in 2014 and headquartered in Riyadh, Foodics has grown from a humble beginning to a leading player, supporting over 33,000 restaurants with an annual gross merchandise value exceeding USD 10 billion as of 2024.
The company's strategic focus is evident in its alignment with Saudi Arabia's Vision 2030, which emphasises digital transformation in the food and hospitality sectors. Foodics' expansion plans include a focus on expanding its ecosystem and payment technologies across the Middle East.
One of the key strategies Foodics is employing is the introduction of "Buy Now, Pay Later" features, aimed at helping restaurants better manage their cash flow and increase revenue. This innovative approach is set to be further enhanced through the Arzaq Plus investment, which will introduce these features for restaurant bills.
Foodics' growth trajectory has also been bolstered by strategic acquisitions. The recent acquisition of UK-based Solo, a provider of self-ordering kiosks and digital ordering solutions, for an undisclosed amount, will integrate self-service solutions and AI-powered analytics into Foodics' ecosystem.
In addition, Foodics has made strategic investments in three startups: Norma (AI-powered data analytics), Add (SMB accounting solutions), and Arzaq Plus (a supply chain platform for the F&B industry). These investments underscore Foodics' commitment to enhancing its platform capabilities and customer base.
Foodics' strategic focus on payments technology is further reinforced by its licensing as a Fintech entity under the supervision of the Saudi Arabian Monetary Authority (SAMA). The company's rapid growth and regional expansion, with offices across multiple countries, suggest an ongoing strategic investment in scaling its services, technology infrastructure, and market presence.
In a bold move, Ahmad Al-Zaini, co-founder and CEO of Foodics, has announced plans to allocate $100M in strategic acquisitions and investments in Fintech, AI, and other transformative technologies over the coming three years. This ambitious plan underscores Foodics' commitment to staying at the forefront of technological innovation in the restaurant and payments technology sector.
Most recently, Foodics raised $170 million in its Series C round, a testament to the faith investors have in the company's future growth and potential. With over 30,000 F&B business owners across 30 countries already served, Foodics shows no signs of slowing down.
In summary, Foodics' strategic investments prioritise technology innovation, market expansion, regulatory compliance, and ecosystem enhancement within the restaurant and payments tech sectors. Through strategic acquisitions, partnerships, and technology development, Foodics is poised to continue its impressive growth and solidify its position as a leader in the restaurant and payments technology sector.
Foodics intends to increase its investments in Fintech, AI, and other transformative technologies, as announced by its CEO, Ahmad Al-Zaini, to the tune of $100M within the next three years, demonstrating a commitment to technological innovation in the restaurant and payments technology sectors. The company's focus on expansion includes payment technologies, as evidenced by its introduction of "Buy Now, Pay Later" features and the Arzaq Plus investment.
Foodics' strategic acquisitions, such as the UK-based Solo, provider of self-ordering kiosks and digital ordering solutions, will integrate self-service solutions and AI-powered analytics into its ecosystem, thereby augmenting its business capabilities. By investing in startups like Norma, Add, and Arzaq Plus, Foodics aims to enhance its platform capabilities and widen its customer base, further solidifying its position in the industry.
