Jordanian cloud-based point-of-sale software startup POSRocket has announced it has secured $5 Million in fresh funds. The round is led by SANAD Fund for MSME and Algebra Ventures. Vision Ventures, Khwarizmi Ventures, Edgo Group, the Innovative Startups And SMEs Fund (ISSF), Etihad Bank, Seedstars, and some angel investors also participated in the deal. It takes POSRocket’s total financing to over $7 million. The Amman-headquartered startup had previously raised $1.5 million in July 2018.
Founded in 2016 by Zeid Husban, POSRocket is a cloud-based point of sale platform for F&B and retail businesses that helps them manage their sales, inventory, and customer relationships. Its solution allows merchants and business owners to toss their obsolete cash registers and opt for an iPad-run modern POS that also works offline and offers different types of reports and insights, and a digital order taker (for waiters), in addition to the core features.
The software is being used by thousands of merchants – including restaurants, coffee shops, dry cleaners, and salons, with over $2 billion in aggregate transaction value to date. POSRocket charges merchants a fixed monthly or annual subscription fee to use their software. The startup has customers in Jordan, Egypt, and Kuwait and it is currently preparing to have operations in Saudi too.
Zeid Husban, founder and CEO of POSRocket, said, “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.”
In addition to serving restaurants, POSRocket also wants to enable cloud kitchens and virtual brands to manage their sales and operations using its software, “We want to be in the hands of every merchant, no matter what shape or size. The integrated POS ecosystem coupled with e-payments is a necessity for a business to survive and grow in today’s marketplace,” noted the company’s CEO.
The Jordanian startup had launched its developer portal in 2018 to help developers build and integrate apps on top of its platform. It now offers integrations with over 50 apps including online food aggregators, ecommerce, online payments, third-party logistics, accounting, loyalty and ERPs. POSRocket has also signed key strategic alliances with Zain (Kuwait and Jordan), Kuwait Finance House, Geidea (Saudi), and a number of channel resellers across the region over the last two years.
Commenting on the investment, Zeid said, “We are thankful to have SANAD on board and bringing their core competencies in fintech and finclusion to complement Algebra’s continued strategic drive and on-ground guidance.”
The latest funds will be used to hire top talent, diversifying POSRocket’s product offerings, and developing new strategic partnerships.