Saudi Arabia-based restaurant-tech company Foodics has raised $170m in a Series C funding round led by Prosus and Sanabil Investments.

The round was also joined by Sequoia Capital India and some existing investors, including STV and Endeavor Catalyst.

Foodics co-founder and CEO Ahmad Al-Zaini said: “This latest investment will enable us to accelerate the development of our end-to-end tech stack ecosystem to better support the F&B entrepreneurs and owners who make up the majority of our client community.

“We are thankful to our existing shareholders, Sanabil Investments and STV, for their trust in Foodics, and welcome our new investors Prosus and Sequoia Capital India to the Foodics family. We look forward to the exciting journey ahead together.”

The company will use the proceeds to fund domestic and overseas expansion, including mergers and acquisition strategies.

Foodics will also use the capital to boost its innovation capabilities and introduce new initiatives around fintech, micro-lending and supply chain management.

It also plans to expand its presence in non-food micro-retail outlets as a new segment.

Prosus Food chief operating officer Fahd Beg said: “We believe restaurant-tech is an exciting opportunity within the food ecosystem, with significant growth potential.

“Foodics has already established a strong regional presence by leveraging its product vision, technical excellence and brand. We look forward to partnering with the exceptional Foodics team as they continue their expansion geographically and across adjacent verticals.”