POSRocket Announces $5 Million In Funding
Jordanian cloud-based point-of-sale software startup POSRocket has announced that it has secured $5 million funds. The round is led by SANAD Fund for MSME and Algebra Ventures. Vision Ventures, Khwarizmi Ventures, Edgo Group, Innovative Startups And SMEs Fund (ISSF), Etihad Bank, Seedstars, and some angel investors also participated in the deal. It takes POSRocket’s total […]
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Jordanian cloud-based point-of-sale software startup POSRocket has announced that it has secured $5 million funds. The round is led by SANAD Fund for MSME and Algebra Ventures.
Vision Ventures, Khwarizmi Ventures, Edgo Group, 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.
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.
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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 latest funds will be used to hire top talent, diversify POSRocket’s product offerings, and develop new strategic partnerships.
