Thursday July 18th, 2024
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POSRocket Scores $1.5 Million in a Round Led By Algebra Ventures

Disrupting the Middle Eastern F&B market with cloud-based point-of-sale systems, POSRocket provides an intuitive, secure, cloud-based POS systems for restaurants and retailers.

Staff Writer

POSRocket, a Jordanian startup bringing cloud-based POS (short for Point of Sales or Service) systems to the Middle East, just secured a $1.5 million funding round led by Algebra Ventures, with participation from KISP Ventures, Arzan VC, Financial Horizon Group, and two angel investors.

"At POSRocket, we strive to build a merchant-centric, value driven ecosystem,” says Zeid Husban, who founded POSRocket in 2016. "For us, it’s not only about sales totals, items in stock, or payments processed; it’s more than that. We’ve managed to introduce a new dimension to the point-of-sale by experimenting with advanced technologies like machine learning and blockchain.”

By developing cloud-based POS software for restaurants and retailers, the system supports growing businesses by optimising staffing, regulating inventory, generating sales reports, and allowing owners to remotely monitor all operations in real time.

This isn't Husban's first encounter with F&B startups, he is a seasoned entrepreneur who previously founded and successfully exited a food delivery startup in Jordan which was later acquired by Delivery Hero, a publicly listed online food-delivery service based in Berlin, Germany. During his time founding and exiting that delivery startup he identified a pain-point for merchants with fixed legacy POS systems.

POSRocket’s business and team did not go unnoticed by regional Venture Capitals and angel investors. The company initially raised funds from Jabbar Internet Group and Jordan-based accelerator, Propellor Inc. "Looking back at the first round of investment, we successfully solidified our value proposition, employed the right talent, crafted our operations, and embossed our brand identity in the Jordanian and Egyptian markets," says Husban.

"Technology and the internet are changing the way restaurants and shops are doing business. Traditional barriers to collaboration are disappearing. POSRocket is laying the technological foundation that will allow this to happen," says Algebra Ventures’ Managing Partner Ziad Mokhtar. "The team at POSRocket is exceptional and has the vision and stamina to transform the POS market in the region."

The company plans to use the acquired investment to continue its MENA-wide expansion; “This round is all about leverage and scale,” says the entrepreneur. “Partnering with such strategic veteran investors will fuel POSRocket to achieve it’s disruptive vision and propel us to further cross new borders. We could not be more thrilled.”

Read our interview with the men behind Algebra Ventures

Main Image: Zeid Husban, CEO and founder of POSRocket. Courtesy of Algebra Ventures.

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