Saudi fintech firm FOODICS raises $170 million from investors

DUBAI, April 20 (Reuters) - FOODICS, a cloud-based technology firm serving restaurants in the Middle East, has raised $170 million from investors led by tech investor Prosus and Sanabil Investments, which is owned by Saudi Arabia's sovereign wealth fund PIF, it said on Wednesday.

The series 'C' funding would support regional and international expansion by FOODICS, including its merger and acquisition (M&A) strategy to increase market penetration, it said.

Other investors included Sequoia Capital India, while existing investors included STV and Endeavor Catalyst.

The Saudi Arabia-licensed fintech firm operates a payments platform, serving a range of sites from dine-in restaurants and cafes, quick service restaurants, bakeries, food trucks through to cloud kitchens.

Reporting by Saeed Azhar; Editing by Edmund Blair

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