A&O advises Prosus, one of the largest global technology investors, on its Series C investment in Foodics
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Publications: 03 November 2023
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Allen & Overy has advised Prosus, one of the world’s largest global technology investors, as lead investor on a USD170m Series C funding round by Foodics, the leading cloud-based technology and payment platform for restaurants in the MENA region. The transaction represents the largest SaaS Series C round in MENA.
The funding round was also led by Sanabil Investments, a PIF-owned investment company focused on private growth investments in various stages of the business cycle. Other investors included Sequoia Capital India and existing investors including STV and Endeavor Catalyst.
Prosus, majority-owned by Naspers, is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential,the group is focused on building businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.
Foodics, headquartered in Riyadh, Saudi Arabia, is a restaurant management and fintech ecosystem that empowers F&B owners and merchants to run their operations more seamlessly and efficiently. This funding round will support Foodics’ regional and international expansion, including its M&A strategy to increase market penetration and the launch of new initiatives around fintech, micro-lending and supply chain management.
Middle East Head of Corporate and Partner David Foster, who led the Allen & Overy team, commented: “This transaction is a great example of the continuing development of the ecosystem for fast-growth companies in the MENA region. We are delighted to have supported Prosus on its investment. Congratulations to Foodics for securing capital from premium tech investors!”