Saudi digital ordering platform FeedUs announced it is seeking to raise $2.5 million in a seed funding round with participation from angel investors.
A hub for connecting four main pillars of food delivery, which are food delivery providers (aggregators), POS system, white label online ordering engines and last mile delivery companies, FeedUs is a comprehensive solution for handling end to end processes, for managing online orders from different channels into a single system.
Launched in May 2022, FeedUs digitizes the ordering process in the restaurant industry. It manages all online orders to a restaurant, creates and manages menu items, and synchronizes the prices, names, and pictures in addition to a description of all the menu items to the connected food delivery providers.
It also provides advanced analytics and reports to facilitate restaurants making decisions, optimizing resource utilization, bringing in operational efficiencies, and increasing revenue.
Operating in the GCC region, FeedUs has over 5000 registered restaurants. To date, it has processed over 4 million online orders with $75 million in gross merchandise volume (GMV).
The founder, Abdullah Abdulwasa, the owner of a local restaurant chain in Saudi Arabia, expressed his strong belief in the growth of this important sector, expecting the company to achieve 300% growth in Monthly Recurring Revenue (MRR) by the end of 2023. According to Statista, the growth rate of food delivery revenue in Saudi Arabia was the highest across the Middle East, with 173% in 2020. The UAE. followed behind with a 61% growth compared to the previous year.
The pandemic led to a major shift In the GCC region from eating out to ordering in. The frequency and value of food orders as well as the usage of food delivery apps, have seen a surge during 2020, while lockdown rules were mandated in the region.