Foodics, a technology company serving restaurants in the Middle East and North Africa, recently acquired an unspecified size stake in POSRocket, a point-of-sale (POS) platform supporting businesses in the food and beverage industries. food, beverages and others. Foodics bought the stake of Sanad Fund for MSME, a Luxembourg-domiciled investor in micro, small and medium-sized enterprises (MSMEs), which Sanad held through its second equity compartment (ESF II). As a result of the agreement, POSRocket customers access Foodics’ services, which help users “manage payments, supplies, and capital lending infrastructure.” Terms of the sale were not disclosed.
POSRocket provides cloud-based point-of-sale services, analytics, inventory management, customer relationship management, and call center services. The company’s technology has reportedly served 2,000 “merchants with a total transaction value of over $2 billion” in Egypt, Jordan and Kuwait since its launch in 2016.
Founded in 2014 in the city of Khobar, Saudi Arabia, Foodics serves approximately 12,000 restaurants in 17 countries using POS technology. In 2019, Foodics facilitated in-store transactions totaling $2 billion since its inception. The company has five offices in Egypt, Saudi Arabia and the United Arab Emirates.
Sanad, which means “support” in Arabic, was founded in 2011 by German development bank Kreditanstalt für Wiederaufbau (KfW). The fund invests equity and debt in organizations that support micro, small and medium-sized enterprises (MSMEs) and households, such as microfinance institutions, leasing companies, banks and businesses that facilitate finance. access to markets. Sanad invests in the Middle East and Africa, with a focus on Egypt and Tunisia. Its investors include US-based Calvert Impact Capital; the EU; the German bank GLS; and development finance institutions from the Austrian, Dutch, German and Swiss governments. In 2021, Sanad had an outstanding debt portfolio of USD 295 million. He is advised by Germany’s Finance in Motion, which manages assets valued at 2.5 billion euros ($2.7 billion) in 2020.
Sanad launched ESF II in 2019 as a successor to ESF I, which had invested USD 30 million in MSMEs that year, supporting the creation of 2,400 jobs.
By Sheen Gupta, Research Associate
Sources and additional resources
Sanad press release
Foodics LinkedIn profile
Press release Sanad ESF II
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