COFE raises $15m in Series B funding round

COFE raises $15m in Series B funding round

Online coffee marketplace COFE has successfully completed its Series B funding round, raising $15m in investment capital. Founded by Ali Al-Ebrahim in November 2018, COFE App currently operates in Kuwait, Saudi Arabia, UAE and Egypt, with international expansion in the pipeline. The platform was listed by CITC KSA as one of the top 10 most downloaded applications in 2020, and was also the official main partner of Riyadh Season 2022. The lead investor in this round is Waed Ventures, the $500m Saudi-focused VC Capital Fund wholly owned by Aramco. eWTP Arabia Capital, which has received significant funding support from the Public Investment Fund (PIF) and the Electronic World Trading Platform (eWTP) Capital initiated by Alibaba Group in the Middle East region, is another key investor. Al Imtiaz Investment Group and KISP Ventures (KFH Capital), and Rasameel Investment Company, a Kuwait-based wealth management fund also participated in the round. Al-Ebrahim said, “COFE’s story has been one of resilience. We have had some great opportunities, but not without challenges that have needed innovative maneuvering. However, we have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem, especially in the region. “At COFE, we