In a significant move for the MENA tech landscape, Saudi-based restaurant technology leader Foodics has announced that Kuwait’s Kamco Invest has acquired a strategic stake in the company. The deal underscores the growing maturity of the region’s startups and highlights increasing confidence from traditional financial institutions in the venture ecosystem.
By the Numbers: Foodics at a Glance
- Founded: 2014
- Total Funding to Date: Over $198 million (including a landmark $170M Series C)
- Operations: Active in multiple countries across MENA, including Saudi Arabia, UAE, and Egypt.
- Platform: An end-to-end cloud-based POS and restaurant management system.
A Strategic Partnership for Regional Dominance
This transaction is more than just a capital injection; it represents a strategic alignment between a dominant regional tech player and a leading asset management and investment banking firm. For Foodics, the partnership provides not only financial backing but also access to Kamco Invest’s extensive network and deep financial expertise, which will be crucial as the company scales and eyes a potential future IPO.
From Kamco Invest’s perspective, the acquisition marks a significant foray into the high-growth F&B technology sector. It reflects a strategic decision to diversify its portfolio and capitalize on the rapid digital transformation sweeping across the region’s service industries, a trend accelerated by Saudi Arabia’s Vision 2030.
Fueling the Next Wave of F&B Innovation
While the exact financial terms were not disclosed, the investment is expected to empower Foodics to accelerate its ambitious growth strategy. Key areas of focus will likely include further product development, particularly in areas like AI-powered analytics, integrated fintech solutions, and supply chain management tools for its restaurant partners.
The company is also poised to double down on its geographic expansion, solidifying its leadership position in existing markets while exploring new territories across the Middle East and beyond. This move also strengthens Foodics’ capacity for potential M&A activities, allowing it to acquire smaller tech players that complement its all-in-one platform.
About Foodics
Founded by Ahmad Al-Zaini and Mosab Al-Othmani, Foodics is a cloud-based technology and payments platform for restaurants in the MENA region. Its comprehensive system provides an all-in-one solution for managing restaurant operations, including point of sale, inventory, customer relationship management, and financial reporting. The company’s mission is to empower restaurant owners with a centralized platform to streamline their operations and drive growth.
About Kamco Invest
Kamco Invest is a leading investment company headquartered in Kuwait with a strong presence across the MENA region. With operations in asset management, investment banking, and brokerage, Kamco Invest offers a wide range of innovative and performance-driven financial solutions to its clients. The firm manages a significant portfolio of assets and has a long track record of successful investments across various sectors.
Looking Ahead
The Kamco-Foodics deal is a bellwether for the MENA tech scene. It signals a new phase where late-stage, category-defining startups are becoming attractive targets for established institutional investors, not just venture capital funds. This trend provides a vital liquidity path for early investors and founders while validating the long-term commercial viability of the region’s homegrown tech champions. For Foodics, this partnership solidifies its position as a market leader and paves a clearer path towards becoming one of the region’s next public tech companies.
Source: Wamda
