KSA-Based POS F&B And Retail Tech Startup FOODICS Expands Into Egypt
FOODICS, the popular F&B and Retail tech startup based in Saudi Arabia, officially announced today its geographical expansion into the Egyptian market. Having already established a strong presence in KSA and the UAE since its inception in 2014, this latest expansion comes at the back of closing its series A, with the company now fundraising for series B.
The tech start-up, which offers an all in one Point Of Sale Solution and management platform which helps restaurants and cloud kitchens owners run their business, has so far successfully serviced over five thousand customers and processed over a billion orders through the Foodics SaaS (“Software As A Service”) platform, totaling over US$2B GMV transactions in 2019 and catering to more than 5,000 clients and over 10,000 F&B outlets.
Ahmad Al-Zaini, Co-Founder and CEO commented, “With an F&B Market estimated to be worth around US$15 billion and growing at a 15-20% rate over the next 5 years*, Foodics’ expansion into Egypt was always an integral part of our business plan.”
Al-Zaini added, “Our objective is to continue to accelerate the F&B and retail end to end digitization across the region and beyond. As our proprietary technologies continue to add value and facilitate the growth of the industry, we are confident that our latest market entry into Egypt will be a tremendous success”.
Starting its Egyptian operations in Cairo city in the prestigious Masaken Sheraton, the Egyptian Foodics team will first focus on its SaaS platform and hardware for restaurants, later followed by the launch of its Foodics NOW products.
Mohammad Ayman, the newly appointed Egypt Country Manager said, “Given the market potential, we have ambitious targets for Egypt. During our pilot phase, our 360° SaaS Ecosystem was in fact extremely well received by Egyptian businesses, with our sales team in Egypt already successfully closing over 15 new businesses. Now that we are officially launching, we are forecasting closing well over 50 businesses before year end.”
The company is set to make waves by replicating the tremendous growth and success achieved in its existing markets, combining the knowledge of local and regional market experts along with their international experience of the industry and SaaS products.
*Source: Food Africa 2020 | Market Insights
