Kamco Invest Deepens Investment in MENA’s F&B Tech with Foodics Stake
Kamco Invest, a prominent non-banking financial powerhouse headquartered in Kuwait, has announced a strategic acquisition, with its private equity division securing an undisclosed stake in Foodics. This move marks a significant investment in one of the MENA region’s most rapidly expanding cloud-based restaurant technology and payments platforms, reinforcing the growing investor confidence in the region’s burgeoning food technology sector.
Foodics’ Ascendancy in the MENA F&B Landscape
Founded in 2014 by visionary entrepreneurs Ahmad AlZaini and Mosab Al-Othmani, Saudi Arabia-based Foodics has established itself as a cornerstone for food and beverage establishments across the Middle East and North Africa. The company offers a comprehensive point-of-sale (POS) and restaurant management platform, seamlessly integrating payment solutions. Its versatile offerings cater to a diverse array of F&B businesses, from traditional dine-in restaurants and dynamic food trucks to modern cloud kitchens. Since its inception, Foodics has demonstrated impressive scale, having successfully processed over five billion orders through its robust platform and currently supporting more than 33,000 restaurants. This latest investment by Kamco Invest follows Foodics’ substantial $170 million Series C funding round in 2022, which was notably led by Prosus and Sanabil. The continuous inflow of significant capital underscores Foodics’ strong market position and its potential for sustained growth within the competitive foodtech industry. Furthermore, Foodics has publicly articulated its ambition to go public on the Tadawul stock exchange within the next two to three years, signaling a clear trajectory towards becoming a publicly traded entity and offering promising prospects for its investors and stakeholders.
This strategic investment by Kamco Invest into Foodics highlights the increasing sophistication and appeal of the MENA region’s technology ecosystem. It not only validates Foodics’ innovative solutions and market leadership but also underscores Kamco Invest’s commitment to backing high-growth companies that are reshaping critical industries like food and beverage. As Foodics continues its expansion and moves towards its anticipated public listing, this partnership is poised to further accelerate its mission of empowering F&B businesses with cutting-edge technology, cementing its role as a key player in the digital transformation of the regional culinary sector.
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