SANAD successfully sells its equity stake in POSRocket to Foodics
Luxembourg, January 21, 2022 – The second Equity Sub-Fund (ESF II) of the SANAD Fund for MSME has divested its shares in POSRocket, the second largest cloud-based point of sale company in the Middle East and North Africa (MENA). The company has been acquired by FOODICS, the leading Restaurant-Tech company in MENA. Through the sale the SANAD ESF II realized strong commercial returns while contributing to an enabling ecosystem for the fund’s target group. The commercial terms of the transaction were not disclosed.
POSRocket is an exemplary case of SANAD’s support to entrepreneurship in the region. The company was first part of SANAD’s Fincluders Challenge Amman in 2017 and later in the Fincluders Bootcamp, a dedicated mentoring programme to support impact-driven early-stage companies. Evolving from this phase, POSRocket went on to raise its Series B round which was co-led by SANAD, a critical step for the company to reach the next stage of its development. As a shareholder SANAD provided technical assistance support from its Technical Assistance Facility and in addition to that, supported the company’s environmental and social framework and corporate governance.
POSRocket has successfully served over 2,000 MSMEs by offering a cloud-based point-of-sale platform to the retail, service, and food & beverage industry. The acquisition will allow POSRocket’s merchants to benefit from Foodics' ecosystem in managing payments, supplies, and capital lending infrastructure.
SANAD Board Chairperson Dr. Daniela Beckmann said, “We are proud of the impact we have been able to achieve together with POSRocket and are delighted with the divestment of POSRocket as it serves as a great example of our support of entrepreneurship in the region. SANAD has been on the ground in MENA for nearly a decade, working to cultivate the success of entrepreneurs as key to the region’s economic stability and growth. Through this landmark transaction POSRocket will have the capability to further expand and develop with a renowned brand in the sector and region.”
Zeid Husban, POSRocket Chief Executive Astronaut and Founder commented, “Foodics is a natural fit for POSRocket, as both brands are driven by helping business owners grow their operations. Bringing our talented teams together is a strategic move that yields us a unique competitive advantage. Now powered by Foodics, the POSRocket astronauts are delighted to be joining a larger team and brand, and with access to funding, we are looking forward to a bright future together. We highly value the contribution from our existing investors including SANAD as they supported us in reaching this important milestone.”
The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund’s development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D.
An impact investment fund advised by Finance in Motion, SANAD’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital.
For more information on the SANAD Fund for MSME, please visit: www.sanad.lu
For more information on Finance in Motion, please visit: www.finance-in-motion.com
Founded in 2016, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time. The startup raised US$5 mil million in their latest funding round in August 2021. It operates in Jordan, Egypt and Kuwait.
For more information, please visit: www.posrocket.com/
Media contact – SANAD
Manager, Marketing & Communications
Phone: +49 (0)69 271 035-171
Media contact – POSRocket
Media contact: Mias AlMusleh
Head of Digital Marketing
+962 7 7710 5070