Sequoia, Prosus Back Saudi Food Startup Raising $170 Million

Sequoia Capital India and Prosus NV have backed a $170 million funding round for Saudi Arabian food and beverage technology startup Foodics, as global investors increasingly seek to back fast-growing firms in the Middle East.

Riyadh-based Foodics will use the proceeds to boost its services and expand into new countries, Chief Executive Officer Ahmad Al Zaini said in an interview. The company is also looking at potentially acquiring rivals to help it grow and will expand into fintech after receiving a license from the Saudi central bank, he said.