Kamco Invest Backs Saudi Tech Firm Foodics Amid IPO Buzz

Kamco Invest, a Kuwaiti non-banking financial services firm, has made its mark by acquiring a stake in Saudi Arabia’s Foodics—a company well-known for its smart restaurant tech and payment solutions. While the specific numbers remain under wraps (not even a hint about the deal size or the slice of the pie Kamco picked up), the move has certainly got tongues wagging in the MENA startup community. That’s no surprise, since Foodics has been very much on investors’ radars ever since it closed a chunky $170 million Series C funding round back in 2022, led by heavyweights like Prosus and Sanabil (which is part of Saudi Arabia’s Public Investment Fund). The likes of Raed Ventures, Sequoia Capital India, STV, and Endeavor Catalyst jumped in as well, so this is hardly a flash in the pan.

What’s interesting is how this latest deal dovetails with Kamco’s broader strategy. They’ve made it pretty clear that they’re looking to back fast-growing, homegrown tech champions in the Middle East and North Africa—especially those knocking on the door of a public market listing. As someone who’s seen firsthand just how much an IPO can boost momentum for regional startups, I reckon Kamco’s timing is spot on. Foodics is, by all accounts, eyeing an IPO on Saudi’s Tadawul stock exchange within the next two or three years. And if you ask me, the buzz building up to a move like that is sometimes half the battle.

Foodics itself is no Johnny-come-lately. Founded in 2014 by Ahmad AlZaini and Musab Alothman, the company set out to make life less of a faff for F&B operators, whether they run a corner kebab shop or a full-on virtual kitchen. Foodics’ platform ties together everything from order management and finances to analytics and even financing options. Basically, it’s software-meets-fintech for the restaurants of tomorrow—and a reminder of what MENA tech talent is genuinely capable of when given the right nudge.

There’s something energising about seeing regional investment cycles fuel real progress for founders, and I’ll admit to feeling chuffed to bits when promising teams get the backing to scale up. Of course, not every start-up is a slam dunk (that goes without saying), but watching players like Kamco put their shoulder to the wheel gives the whole scene a bit more credability. It’s the kind of thing we care deeply about here at Arageek—cheering on the next gen of tech success stories, and maybe stealing a reel or two of inspiration for our own journeys.

On the flip side, it would’ve been helpful if we’d been given more details on the actual terms of the stake—transparency helps build trust, after all. Still, with Foodics looking to go public not too far down the road and Kamco doubling down on its tech playbook, this is one deal worth keeping an eye on. Arab entrepreneurship isn’t just talk these days; it’s fast becoming the real deal.

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