Saudi firm Foodics buys Jordan’s POSRocket as Algebra Ventures, other VCs exit

 Saudi firm Foodics buys Jordan’s POSRocket as Algebra Ventures, other VCs exit

Saudi Arabian restaurant-technology startup Foodics has acquired Jordan-based restaurant cloud technology provider POSRocket in its maiden takeover transaction.

Foodics said in a statement the acquisition will help it consolidate its market and take a leadership position across Egypt, Kuwait, Oman and Jordan, in addition to the markets across the Gulf region it already serves.

The Saudi company also said the acquisition will open doors to more merger and acquisition opportunities. It didn’t disclose the deal value.

The acquisition will also provide a quick exit to the Jordanian company’s angel and venture capital investors. POSRocket had raised $5 million in August last year from a bunch of investors including Egyptian VC firm Algebra Ventures, Saudi VC firm Khwarizmi Ventures and Jordan’s Innovative Startups and SMEs Fund (ISSF).

Other investors who had taken part in the round included Finance in Motion, Vision Ventures, Edgo group, Etihad Bank and Seedstars. Previously, POSRocket had raised $1.5 million in July 2018 from Algebra Ventures, with participation from KISP Ventures, Arzan VC, and Financial Horizon Group.

Founded in 2016 by Zeid Husban, POSRocket develops cloud-based point-of-sale software for restaurants and retailers. The software supports growing businesses by optimizing staffing, regulating inventory, generating sales reports, and allowing owners to remotely monitor all operations in real-time.

Husban said the acquisition will enable the two companies to combine their technology stack and market coverage to create opportunities across the Middle East and North Africa. It will also allow POSRocket merchants to benefit from Foodics’ ecosystem in managing payments, supplies and capital lending infrastructure.

Foodics was founded in 2014 and claims to have processed over $5 billion worth of orders through its platform.

Aman Malik

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