21 February 2023, Riyadh, Kingdom of Saudi Arabia. Today, FOODICS, the leading cloud-based restaurant technology and payments platform in the MENA region, has announced that it has partnered with SEA Ventures to digitally empower entrepreneurs in the F&B sector by providing technical solutions for startup projects. The signing took place in the presence of the founder and CEO of Sea Ventures, Mr. Abdul Salam Alkuwaity, and the General Manager of Foodics Saudi Arabia, Mr. Suhail Jaber, at the SEA Ventures headquarters in the CITY Hub co-working space in Riyadh.
This agreement aims to achieve digital empowerment and operations management automation to enhance the quality of emerging projects and provide numerous support services to upgrade the entrepreneurship landscape around the Kingdom. This will help increase the percentage of small and medium enterprises’ contribution to supporting local content in accordance with the objectives of the Kingdom’s Vision 2030.
Mr. Suhail Jaber, General Manager – Saudi Arabia, Foodics, said: “The F&B sector is one of the most dynamic sectors, requiring the continuous introduction of innovative concepts, which can be complex to embrace at a restaurant/café level. Thanks to our cooperation with SEA Ventures, we will be able to support Saudi chefs, entrepreneurs and emerging brands in the sector, by providing them with innovative digital and tech solutions. We will empower and enable them to focus on developing their projects in order to create new experiences for their customers. This strategic alliance will contribute to strengthening the Kingdom’s ambition of being the first destination for unique and rich tastes in the Middle East and the Arab world.”
Commenting on the partnership, Mr. Abdulsalam Alkuwaity, CEO of SEA Ventures, said: “At SEA Ventures, we seek to achieve a sustainable impact on the entrepreneurial landscape in various sectors, especially restaurants and F&B. We launched several programs and initiatives, the most recent of which is “Takween Culinary Arts Studio,” which is concerned with empowering chefs who are innovative entrepreneurs and passionate about creating different experiences and innovation in the Saudi and international culinary arts. We also seek to support them in identifying the needs in the sector and seizing potential opportunities, by developing their capabilities and leadership skills, and providing all solutions that help them manage their projects and unleash their talents. This will contribute to raising standards in the culinary arts sector in the Kingdom, and launching promising start-ups that contribute to attracting investments.”
FOODICS is officially recognized by the Saudi Central Bank (“SAMA”) as a FinTech company. Since its inception in 2014, Foodics has successfully processed over 6 billion orders through its platform. It also raised a record US$170 million in its series C funding round, boosting its innovation capabilities to better serve business owners.
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FOODICS is the leading Restaurant and Payment Tech company in MENA, with an innovative 360° SaaS ecosystem making it a pioneer in the regional F&B industry. Formally licensed as a Fintech company by the Saudi Central Bank (SAMA), the company’s vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business. Its mission is to empower restaurant and merchant owners with a comprehensive cloud-based POS system to enrich their operations. FOODICS caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, food trucks through to cloud kitchens and non-food micro-retailers. Since its inception in 2014, it has successfully processed over 6 billion orders through the platform and raised a record USD170 mil in Series C round, making it one of the most promising SaaS companies to emerge from the MENA region.
For more information, please visit www.foodics.com
About SEA Ventures:
SEA Ventures is a business accelerator and incubator that strives to unlock and invest in human potential. We work on building the entrepreneurship ecosystem by implementing the best practices locally and globally, focusing on seeding the entrepreneurial mindset, developing entrepreneurial skills, and equipping entrepreneurs with the right toolset.
For more information, please visit: https://www.seavent.org