Allen & Overy has advised Prosus, a global technology investors, as lead investor on a USD170 million Series C funding round by Foodics, a cloud-based technology and payment platform for restaurants in the MENA region. The transaction represents the largest SaaS Series C round in MENA.
The funding round was also led by Sanabil Investments, a PIF-owned investment company focused on private growth investments in various stages of the business cycle. Other investors included Sequoia Capital India and existing investors including STV and Endeavor Catalyst.
Foodics, headquartered in Riyadh, Saudi Arabia, is a restaurant management and fintech ecosystem that empowers F&B owners and merchants to run their operations more seamlessly and efficiently.
The funding round will support Foodics’ regional and international expansion, including its m&a strategy to increase market penetration and the launch of new initiatives around fintech, micro-lending and supply chain management.
Middle East head of corporate and partner David Foster (pictured) led the Allen & Overy team.