Gulf-focused technology COFE has secured fresh backing from Phoenix Venture Partners (PVP) as it prepares to list on the Saudi Exchange by 2029.
The investment builds on PVP’s earlier backing of COFE Tech at its pre-Series A stage in 2018. The latest deal also brings PVP founder and chief executive Steve Khayat onto COFE Tech’s board as the firm’s representative.
The investment amount was not disclosed. The partnership will support COFE Tech’s growth, corporate governance and preparations for a potential Initial Public Offering (IPO).
COFE serves more than 1,000 clients across 3,000 outlets, helping businesses manage purchasing, inventory and commercial operations. The fresh backing follows a pre-IPO funding round in September that valued the company at $178 million.
For businesses across the Gulf, COFE Tech’s expansion highlights opportunities to access digital procurement tools that simplify purchasing, improve inventory management, and support more efficient commercial operations.
