Ahmad AlZaini, CEO and co-founder of Foodics

Ahmad AlZaini, CEO and co-founder of Foodics: Operating in Saudi, the UAE and Egypt, homegrown restaurant management player Foodics specializes in providing advanced integrated technological solutions. Since its inception, it has raised USD 198 mn through several funding rounds. EnterpriseAM sat down with Foodics CEO and cofounder Ahmad AlZaini (LinkedIn) to discuss the ins and outs of his business, the biggest challenges it faces, and future financing and expansion plans.

Enterprise: How did Foodics start?

Ahmad AlZaini: Essentially, Foodics was the first project I founded with my partner Musab Al Othmani — first established as an Alwans product, offering tech services and consultations to others. This product later evolved into an independent product developer, and one of the products that resulted from this was Foodics.

Our journey started when a restaurant owner approached Alwans asking for some tech solutions to manage his business digitally, and based on our extensive personal experience with restaurants and cafes — where we spent most of our time during university — we came up with this idea to develop an integrated platform that enables restaurant owners to manage their operations smoothly and expand their business.

Currently, Foodics provides restaurant owners with a comprehensive cloud-based electronic point-of-sale and restaurant management system that can also be applied to traditional restaurants, cafes, fast-food outlets, bakeries, food trucks, cloud kitchens, and non-food retail stores. Since its founding in 2014 in Khobar, Saudi Arabia, Foodics has expanded to the UAE, Kuwait, and Egypt.

E: What services does Foodics offer?

AA: Foodics offers a comprehensive package of tech solutions that target the restaurant and cafe industry. This includes a cloud-based restaurant management system and a PoS system that centralizes operations from orders to inventory management. Our Foodics Online system also works to improve direct sales, enabling customers to order and pay electronically without any intermediaries.

Another product we offer is Foodics Kiosk, which is a self-service ordering and payment solution. Most recently, we launched the Foodics Accounting service which is a financial data management solution, as well as the Foodics App which introduces F&B business owners to external applications that can be integrated with our systems.

E: What are the biggest challenges that face your business?

AA: Attracting talent is the biggest challenge for startups, and we are no exception. The market is open, healthy with high demand and boasts a ready availability of funds and investors, which makes attracting, developing and retaining talent a real cornerstone for success and sustainability.

E: What’s one thing you can’t compromise on when it comes to managing your company?

AA: Helping restaurant and cafe owners grow and develop their businesses, facilitating their journey from a small food cart to a restaurant chain is our main mission at Foodics. My constant focus is to always make this clear to the team. Also, our second-tier leadership team must always show their commitment to this core mission and vision — that is something I can never overlook.

E: What are the key performance indicators that you monitor on a daily or weekly basis?

AA: I have three main indicators that I always monitor: Improving communication within the team in a way that focuses on the company’s main mission, the quality and customer acceptance of our products, and whether these actually present smart solutions to their challenges faced by our stakeholders. Also, when I come to assess issues that arise within the company, I evaluate the company’s growth rate per employee to see if it aligns with globally recognized healthy rates, which clarifies to me if an intervention is needed with a specific employee or team. I think this is a healthy way to cope with things, as some issues might arise from the company’s policies and not employees.

E: What is the total amount of funding the company has raised since its inception?

AA: We have raised USD 198 mn through several funding rounds, but the founders of Foodics still remain among the largest individual shareholders in the company. Some of the world’s leading venture capital funds participated in out funding rounds including Prosus — one of the world’s largest investors in the tech sector, PIF-owned Sanabil Investments, STV, Endeavour Catalyst Fund and Vision Ventures which is supported by India’s Sequoia Capital. Two years ago, Foodics raised USD 170 mn in the biggest software-as-a-service (SaaS) series C funding round in the MENA region, which was led by Prosus and Sanabil Investments.

E: What are your financing plans for the future?

AA: We were profitable this year and we are not seeking funding for development plans. We’re currently planning another funding round this year, allowing old investors to exit and attract new ones. This round might also go towards financing the company’s plans for M&A of several regional early-stage startups.

E: Do you plan to exit Foodics or reduce your stake in it?

AA: For me, passion will be the deciding factor on whether or not I exit. I still have enough passion to continue this journey, and as long as that’s the case and I have the energy to keep growing and developing the business, the journey will continue. My main goal is to keep the company on track to achieve its goal and mission, and as long as I can do this I will remain as CEO.

E: What are your plans for Foodics’ expansion and growth?

AA: We have added additional income streams through our payment services in 2022, and our revenues from these services have since quadrupled in 1Q 2024. We are currently planning to grow our payment solutions in Saudi as well as Egypt. On a personal level, I wish to see startups in various sectors following Foodics’ model, especially if the founders are ex-Foodics that have benefited from their experiences with us.