Jordanian point-of-sale platform POSRocket has secured US$5 million in their latest funding round, the company announced in a statement today.
Investors Finance in Motion, Algebra Ventures, Vision Ventures, Khwarizmi Ventures, Edgo group, Innovative Startups And SMEs Fund (ISSF), Etihad Bank, and Seedstars pitched in, along with Saudi Arabia-based angel investors.
POSRocket did not disclose the funding stage. Funding will be used to hire talent, diversify product offerings, and expand into new markets, the statement noted.
Founded in 2016 by Zeid Husban, the company has a presence in Egypt and Kuwait, apart from Jordan. It has plans to expand to Saudi Arabia as well, the company said.
Moving towards a cashless retail economy
The company builds cloud-based POS software for restaurants and retailers to manage operations remotely and in real-time. The software supports staffing optimisation, inventory management, and sales report generation.
The company’s expansion plans involve moving upmarket, with a focus on the F&B quick-service industry.
The company’s software is integrated with over 50 apps, including online food aggregators, e-commerce, e-payments, third party logistics, accounting, loyalty, and ERPs.
POSRocket has previously raised US$1.5 million in a 2018 funding round. It has also achieved “substantial year-on-year growth,” the company noted in a statement.
“We locked in thousands of merchants with an aggregate transaction value of over $2 billion. We managed to maintain a prime focus on quality, capital efficiency, and unique customer experience enabling the company to grow fast while maintaining a healthy unit of economics.
This has been key to our success since our series A,”
Husban said. It is not immediately clear when the Series A round took place.
POSRocket is one of many startups that are tapping into the payments tech boom in the Middle East. Prompted by the COVID-19 pandemic, the sector is looking at a steep upward growth as both B2B and B2C customers move away from cash, and as ecommerce and food delivery picks pace in the country.
Featured image credt: POSRocket
