Saudi Press

Saudi Arabia and the world
Monday, Mar 04, 2024

Foodics joins hands with SEA Ventures to support startups

Foodics joins hands with SEA Ventures to support startups

Saudi-based leading restaurant technology and payments platform Foodics has partnered with SEA Ventures, a Saudi Arabian startup accelerator, to digitally empower entrepreneurs in the food and beverage sector.

The partnership will aim to provide startups with technical solutions to enhance the quality of emerging projects and support services to boost the entrepreneurship landscape in the Kingdom.

The agreement aligns with Vision 2030’s goals to increase the percentage of small and medium enterprises to support local content and contribution to the Kingdom’s economy.

“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 or cafe level,” Suhail Jaber, general manager, Saudi Arabia, Foodics, said.

The signing took place in the presence of the founder and CEO of Sea Ventures, Abdul Salam Al Kuwaiti, and Jaber, at the SEA Ventures headquarters in the CITY Hub co-working space in Riyadh.

Foodics also signed a strategic agreement with virtual drive-through startup n.go to open a new sales channel to drive convenience for customers from both companies.

The partnership will enable Foodics’s clients to use the n.go app, helping restaurants and cafes increase their revenues further by offering them new sales channels from virtual drive through and curb-side pickup sales.

“As we thrive to become the one-stop-shop platform for restaurant owners to grow their operations effortlessly, it is important to continually seek innovative solutions for our clients,” Ahmad Al Zaini, co-founder and CEO of Foodics, commented on the signing.

The n.go platform allows customers to shorten waiting time and avoid long periods of standing to buy and pay in addition to allowing restaurants to eradicate manual work, reduce operational tasks and fully eliminate errors from manually pushing orders through the system.

Foodics is officially recognized by the Saudi Central Bank as a fintech company. Since its inception in 2014, it has processed over 6 billion orders through its platform and raised $170 million in its series C funding round last year.

Telgani closes $6m series A round

Saudi-based transportation and car rental startup Telgani raised $6 million in a series A funding round co-led by Hala Auto and Elm Co.

Founded in 2019, the company plans to utilize its funding to expand its short-term car rental services in the Kingdom in addition to offering more solutions for car subscriptions.

“This step comes in line with Elm’s ambitious strategy to expand its investor base and provide all necessary support to startups and SMEs thereby enhancing its role in the entrepreneurship ecosystem and driving innovation in Saudi Arabia,” Majid Al-Arifi, deputy CEO of marketing at Elm Co., said.

Hala acquires Paymennt.com

Saudi-based fintech startup Hala acquired Emirati payment solution Paymennt.com to further enhance its product offerings by incorporating online payments.

This marks Hala’s second acquisition; it previously acquired Fresh in 2021, now called Hala cashier, which currently enables it to integrate non-financial added value services to its SME customers.

The acquisition of Paymennt.com will enable SMEs to increase their online presence and process offline and online payments.

Foodics also signed a strategic agreement with virtual drive-through startup n.go to open a new sales channel to drive convenience for customers.


“We believe integrating the offering of Paymennt.com with that of Hala will provide a significant added value for our Saudi and UAE customers,” Maher Loubieh, co-founder of Hala, said.

Founded in 2017, Hala empowers SMEs to start, run and grow their businesses by providing them with financial and technological solutions to further boost operations.

Syrve expands to Egypt


Dubai-based restaurant management startup Syrve opened a new branch in Egypt as part of its expansion strategy in the Middle East and North Africa region.

Since its inception in 2018, Syrve has provided its all-in-one point of sale solution to over 6,000 customers with presence in 54 countries.

“Along with the tech itself, we are planning on applying our experience in the restaurant business and introducing the best practices, implementation procedures and training protocols,” Alexander Ponomarev, Syrve’s CEO, said.

The company is planning to expand innovative foodtech solutions for restaurant automation throughout the country by focusing on middle- to high-segmented customers as well as fine dining restaurants.

Tabby halts voperations in Egypt


Tabby, the UAE-based buy now, pay later startup, has shut down its operations in Egypt five months after launching its service in the country, according to Wamda.

The decision came in response to Egypt’s tight macroeconomic conditions, as it grapples with the economic fallout from a depreciating currency and subsequent high inflation rates. Since March of last year, the Egyptian pound has lost 53 percent of its value.

“Our company continues to believe in the potential of the market in Egypt. In a short period of time, we have seen very strong adoption of our products and services with some great merchant partners,” said Hosam Arab, founder and CEO of Tabby.

He added: “However, as with any business, we must prioritize projects that align with our long-term goals in core markets and, as a result, we have decided to pause our commercial operations in the Egyptian market.”

Arab added that the company would shift its focus towards sustaining its growth in its core markets including the UAE, Saudi Arabia, Bahrain and Kuwait.

“We remain optimistic about the future of the Egyptian market and will continue to assess opportunities to re-engage in the future. We will continue to invest in growing our team on the ground, who will refocus on supporting our core markets,” he explained.

Last month, Tabby raised $58 million in Series C funding from Sequoia Capital India, STV and PayPal Ventures, bringing the company’s post-funding valuation to $600 million.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh
×