Startups in the Middle East have met their 2022 goals for investment, expansion, and technology advancement.
With an increase in funding, partnerships, and product development in the ecosystem, the region saw startups generating headlines like never before.
Saudi Arabia’s Foodics topped the list of the region’s most active startups, outperforming all expectations and seeing tremendous development.
Foodics, a Saudi-based food and fintech startup founded in 2014, provides point-of-sale solutions with hardware and software to increase the food and beverage market.
According to Foodics CEO and co-founder Ahmad Al-Zaini, the company’s first acquisition and series C fundraising round were the most important milestones in 2022.
“This year has been crucial for Foodics,” said Al-Zaini, “In January, we acquired POSRocket and became the dominant restaurant-tech provider in the Middle East and North Africa region.”
“This landmark acquisition was a strategic move and one that enabled Foodics to consolidate the market, as well as take market leadership positions in Egypt, Kuwait, Oman and Jordan on top of the dominant position it already has in the rest of GCC,” he added.
POSRocket, a Jordan-based point-of-sale software supplier for restaurants, was named the second largest cloud technology provider in the MENA area in 2016.
Foodics’ second most important milestone this year was its mega-funding round, which put the company on a growth trajectory and made it one of the region’s most funded startups.
“Foodics raised $170 million in the largest software as a service Series C round in the MENA. We have come a long way since our early days, and we were proud to have been able to secure capital from premium international tech investors to further power our journey to better support the F&B entrepreneurs and owners who make up the majority of our client community,” Al-Zaini said.