Saudi company Foodics acquires Solo to broaden self-ordering and software services for eateries
Foodics, a leading restaurant and payments technology company based in Saudi Arabia, has recently made significant strides in expanding its market presence and preparing for an initial public offering (IPO). The company, founded in 2014 by Ahmad Al-Zaini, has secured investments and partnerships that will fuel its growth, innovation, and market leadership.
In late 2024, Foodics announced investments in three startups: Norma, Add, and Arzaq Plus. Norma, a Greece-based company, provides AI-powered data analytics solutions, while Add offers small and medium-sized businesses (SMBs) accounting solutions. The investment in Arzaq Plus, a supply chain platform for the food and beverage (F&B) industry, will enable Foodics to introduce "Buy Now, Pay Later" features for restaurant bills, enhancing the customer experience.
Foodics has also secured a strategic partnership with Kamco Invest, a major Kuwait-based non-banking financial institution. This investment complements Foodics’ prior $170 million Series C funding round led by Prosus and Sanabil Investments (owned by the Saudi Public Investment Fund), with participation from other prominent investors including Sequoia Capital India and Raed Ventures.
The company serves over 33,000 F&B business owners across 30 countries, processing more than 6 billion orders through its platform. Foodics' cloud-based platform offers an integrated solution for restaurant operations, order management, payments, financial oversight, and access to capital, all accessible from a single interface. The company's strategic plan strongly focuses on scaling its technology offerings, broadening regional presence, and leveraging advanced AI-powered solutions like the newly launched Foodics BI for business intelligence.
Foodics is licensed as a Fintech by the Saudi Central Bank (SAMA) and has recently expanded its operations to the UAE. The company is positioning itself for an IPO on the Saudi stock exchange, Tadawul, within the next two to three years, signaling a significant growth and liquidity event. The investment by Kamco Invest aligns with this goal by providing both capital and strategic market support to enhance Foodics’ expansion and market penetration in the fast-evolving foodtech and payments ecosystem of the Middle East and North Africa.
Sources: - Wamda, July 2025: Kamco Invest acquires stake in Foodics - Arab News, July 2025: Investment details and IPO plans - Hotel & Catering News, July 2025: Launch of Foodics BI and regional expansion efforts
- Foodics' investment in Arzaq Plus, a supply chain platform for the food and beverage industry, is aimed at introducing "Buy Now, Pay Later" features for restaurant bills, leveraging technology to enhance the customer experience in the business sector.
- The strategic partnership between Foodics and Kamco Invest, a major Kuwait-based non-banking financial institution, positions Foodics for future business growth and market penetration, aligning with the company's plans to prepare for an initial public offering (IPO) in the coming years.
