Edgo VC, the venture capital arm of Edgo, has exited its investment in POSRocket, the second largest cloud technology player in the region, following its acquisition by Foodics.

Founded in 2016 in Jordan, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time. The acquisition will allow POSRocket merchants to benefit from Foodics’ ecosystem in managing payments, supplies and capital lending infrastructure.

Hamza Al-Assad, Head of Edgo VC said:

“It’s been an honour to be part of POSRocket’s journey since our investment in 2019 and to see first-hand how the company has grown and prospered. We wish them every success for their future with Foodics.”

Zeid Husban, Founder of POSRocket said:

“In this deal the majority of POSRocket’s shareholders exited and got great returns on their investment, the team of POSRocket and myself are merging with the Foodics team to continue the mission of revolutionizing the restaurant ecosystem.

“I want to thank the board of directors and investors for their continuous guidance and support throughout the whole journey!”

Since its establishment in 2019, Edgo VC has made 11 direct and indirect investments. In addition to POSRocket, its portfolio in Jordan includes stakes in Solfeh, a micro-lending platform and liwwa, a technology-enabled SME peer to peer lender.