Already traversing the cloud POS markets in Jordan, Egypt and Kuwait, POSRocket is also eyeing expansion into Saudi Arabia.
Jordan-based cloud point of sale (POS) software developer, POSRocket, has secured $5 million in a funding round co-led by Finance in Motion, Algebra Ventures, Vision Ventures, Khwarizmi Ventures, Edgo Group, the Innovative Startups and SMEs Fund (ISSF), Etihad Bank, Seedstars, and various Saudi angel investors.
With the new funds, which come after POSRocket raised $1.5 million in a previous round and subsequently achieved impressive growth, the startup will hire new talent, diversify its products, and expand into new markets.
Founded in 2016, POSRocket is a POS software developer catering to restaurants and retailers. The software aids businesses by optimising staffing, producing sales reports, regulating inventories, and giving owners remote access to monitoring their operations.
The company is currently integrated within over 50 apps operating in e-commerce, online food aggregators, e-payments, accounting, loyalty, third party logistics, and enterprise resource planning (ERPs).
Zeid Husban, founder and CEO of POSRocket, though he goes by the official title of Chief Executive Astronaut, reflected on the journey: “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,” he said, and this is what “[enabled] the company to grow fast while maintaining a healthy unit of economics. This has been key to our success since our series A.”
Already traversing the cloud POS markets in Jordan, Egypt, and Kuwait, POSRocket is also currently eyeing expansion into Saudi Arabia, equipped with a strategy on navigating upmarket and focusing on the lucrative food and beverages (F&B) quick-service industry.