Saudi PIF-Owned Firm Leads $20 Million Funding for Food Startup

A Saudi Arabian food and beverage technology firm raised 75 million riyals ($20 million) in funding led by a company controlled by the kingdom’s sovereign wealth fund as interest in startups picks up in the Middle East.

Riyadh-based Foodics will use the proceeds to grow its market share as well as expand its fintech offering, according to a statement. The company offers a tech platform that helps retail and restaurant owners run their business.

The Series B funding round was led by Sanabil Investments, wholly-owned by the Public Investment Fund. Others involved were STV, the venture capital fund that previously invested in Careem, as well as Endeavor Catalyst and Elm & Derayah.

The Public Investment Fund, which has invested in companies such as Uber Technologies Inc. and Jio Platforms Ltd., is the backbone of Saudi Arabia’s economic transformation plan.

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