Kuwait-founded enterprise technology company COFE Tech, formerly known as COFE App, has closed a pre-IPO funding round at a $178 million valuation, as the company accelerates its expansion across the Middle East and North Africa (MENA) and prepares for a potential listing on the Saudi Exchange by 2029.
The funding round was co-led by Wa’ed Ventures, the domestic venturing arm of Aramco, Aditum Investment Management, Masarrah Investment Company, and Alyasra Foods. The company did not disclose the value of the investment.
Founded in Kuwait in 2018 by Ali Al-Ebrahim, COFE has evolved from a consumer-focused coffee marketplace into an enterprise technology company providing AI-powered procurement and commerce infrastructure, while continuing to operate its consumer marketplace.
The company said the latest investment will support its continued growth across MENA and strengthen its preparations for a targeted initial public offering (IPO) on the Saudi Exchange by 2029, in line with the broader ambitions of Saudi Vision 2030.
“Too many companies in our region still run procurement, sales and inventory on systems that do not talk to one another, and that gap costs them efficiency at every step,” said Ali Al-Ebrahim, Founder and CEO of COFE Tech.
“COFE Tech brings those operations into a single intelligent platform, where agents watch the business, anticipate what it needs and act on its behalf, before a shelf runs empty or a customer is kept waiting.”
From Coffee Marketplace to Enterprise AI Platform
COFE was launched in Kuwait in 2018 as a digital marketplace connecting consumers with coffee businesses. The company has since expanded its technology offering to serve enterprise customers across the Gulf.
Today, COFE Tech describes its platform as an agentic AI enterprise technology infrastructure, built around two principal business lines: Agentic Procurement and Agentic Commerce.
Agentic Procurement provides unified procurement infrastructure for enterprises, while Agentic Commerce provides technology infrastructure designed to support enterprise sales and commerce operations.
Both businesses operate alongside COFE’s direct-to-consumer marketplace, which the company says served as the foundation for developing and validating its technology.
According to the company, COFE Tech now serves more than 1,000 clients across approximately 3,000 outlets in Saudi Arabia, Kuwait and the UAE.
Its customer base spans multiple sectors, including coffee shops and restaurants, hospitality, healthcare, education, aviation and large corporates.
Customers named by the company include Emirates, Etihad Airways, Kuwait Airways, Al-Futtaim Group, Kuwait Finance House, the Central Bank of Kuwait, stc, Aramco and Alibaba Cloud.
Technology Platform Targets Enterprise Operations
COFE Tech’s CTO, Shahood Siddiqui, said the company’s technology has been designed around a common infrastructure that allows enterprises to begin with individual workflows and subsequently expand across their operations without having to migrate to a new platform.
“COFE Tech is built as one core with two engines, a foundation flexible enough for an enterprise to start with a single workflow and extend across its whole operation without re-platforming,” Siddiqui said.
The company said its AI agents are already being used within enterprise workflows involving growth, procurement and finance.
The latest funding will enable COFE Tech to further develop this technology infrastructure and expand its enterprise footprint across the region.
Stronger Focus on Saudi Arabia
Wa’ed Ventures CEO Anas Algahtani said COFE Tech’s transformation from a consumer marketplace into an enterprise technology platform demonstrates its ability to address procurement and commerce challenges across Gulf businesses.
“COFE Tech has demonstrated an impressive ability to evolve from a consumer marketplace into an enterprise technology platform addressing critical procurement and commerce challenges,” Algahtani said.
He added that the growing adoption of the platform among Gulf enterprises demonstrates the potential of its technology and the broader market opportunity, particularly in Saudi Arabia.
COFE Tech said its expansion in Kuwait, Saudi Arabia and the UAE has been supported by the innovation and business environments developing across the Gulf.
Investors Back Next Growth Phase
Aditum Investment Management said its participation reflects its focus on investment opportunities across global and regional markets, with particular interest in companies combining regional growth potential with institutional capabilities.
“Aditum Venture Capital Fund’s participation in this round reflects its approach to identifying compelling investment opportunities globally and across regional markets in MENA,” said Manoj Mahadev, Head of Investments at Aditum Investment Management.
Sonali Goila, Head of VC at Aditum Investment Management, added that COFE’s combination of regional expansion, enterprise growth and evolving governance infrastructure positions the company for its next stage of development.
Masarrah Investment Company also highlighted COFE’s transition from its Kuwait roots into a regional technology business serving more than 1,000 enterprises.
Meanwhile, Alyasra Group said its investment reflects confidence in COFE’s ability to expand its GCC presence and build a technology company capable of scaling beyond the region.
Previous $15M Series B
The latest investment follows COFE’s $15 million Series B funding round in 2023, which was led by Wa’ed Ventures.
The 2023 round also included eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital), and Rasameel Investment Company.
With the latest funding round valuing the company at $178 million, COFE Tech is now positioning itself for its next phase of regional expansion and enterprise technology growth.
The funding announcement was made during LEAP 2026 in Riyadh, where COFE Tech was represented by Founder and CEO Ali Al-Ebrahim and Co-Founder Hamad Musaed Al-Sayer, alongside representatives from the participating investment firms.
The company said its longer-term objective is to continue scaling its enterprise AI infrastructure across MENA while working toward a targeted Saudi Exchange IPO by 2029.
