Kamco Invest acquires stake in MENA SaaS leader Foodics
- mesharialduhaim2
- Jul 28
- 2 min read
Al Shaya: This investment is in line with our strategy to extend our tech ecosystem investments in the region
Kamco Invest, a regional non-banking financial powerhouse with one of the largest AUMs in the region, announced today that its private equity team has acquired a stake of Foodics, on behalf of its clients. Foodics is considered the leading cloud-based technology and payments platform for restaurants in the MENA region.
Foodic’s most recent round of USD170 million was led by Prosus, one of the largest technology investors globally, and Sanabil Investments, a PIF-owned investment company focused on private growth investments. Other participating investors included Sequoia Capital India and existing investors including STV, Endeavor Catalyst, Vision Ventures, Raed Ventures, Riyadh Taqnia Fund, Faith Capital, and others.
This investment, which was completed in Q4 2024 with final legal and regulatory procedures concluded recently, aligns with Kamco Invest’s strategy of offering its clients distinctive, high-value opportunities in the region’s most promising and fastest-growing sectors through investments in leading technology companies in the region with a planned, near-term IPO on local capital markets.
Foodics was established in 2014 and supports more than 33,000 restaurants with an annual gross merchandise value of over USD10bn in 2024. The company’s vision is to build a complete restaurant operations and financial management ecosystem that enables owners to run seamlessly and grow their businesses. The system allows restaurateurs to manage the entire restaurant operation from order processing to financial management and gaining access to cash, from a single screen. With its strong foothold in the Saudi market, the region’s most active and lucrative for tech startups, Foodics is poised for a successful IPO within 2–3 years benefiting from favorable market conditions in KSA and the IPO prospects on Tadawul.
Ms. Dalal J. Al Shaya, Director of Private Equity at Kamco Invest said:
We are proud to participate in this regional tech champion, showcasing significant growth with support from regional and international investors. We are confident in Foodic’s business model, strategy, and team. This investment aims to create long-term value for our clients and aligns with our strategy to expand our tech ecosystem expertise in the region, following our US initiatives. This supports Kamco Invest’s vision to strengthen its Gulf presence and capitalize on the region's growth potential.
