UAE-based online coffee marketplace, Cofe has acquired $15 million in a Series B funding round led by Wa’ed Ventures.
Other investors that participated in the round include eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital), and Rasameel Investment Company.
According to the startup, the new funding round will be used to strengthen its e-commerce offerings, boost its position in the regional market and expand to new international markets.
Founder and Chief Executive of Cofe, Ali Al Ebrahim said, “Cofe’s story has been one of resilience. We have had some great opportunities, but not without its challenges that have needed innovative manoeuvring. We have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem.”
Established in 2018, Cofe is an online marketplace for coffee and all related accessories. The app allows users to order coffee, capsules, beans, coffee machines, and associated products from shops or vendors hosted on its platform.
Managing Director at Waed Ventures, Fahad Alidi said, “The founding team at Cofe app, supported by its cutting-edge platform, will disrupt a multi-billion-dollar market fuelled by a nationwide initiative supporting its growth for years to come. We look forward to backing Cofe’s growth as it continues to lead the digitalisation of farm-to-cup consumerism across the region.”
Founder and Managing Partner of eWTP Arabia Capital, Mr. Li said, “We partner with like-minded entrepreneurs and support the growth of promising businesses in the GCC region. We believe our investment, combined with strategic assistance, will provide Cofe with resources to scale and grow”
Cofe has made some acquisitions after its launch, It acquired UAE-based coffee marketplace Sippy Beans in 2021.. In March 2022, it also purchased the Saudi Arabian app Kaffeen for an undisclosed sum in a move to consolidate its presence across the region.
The startup was listed among the top 10 most downloaded food delivery and restaurant apps (2021) in the kingdom in a survey conducted by the Communication and Information Technology Commission of Saudi Arabia.
It has also partnered with the Saudi Coffee Company, established by the kingdom’s sovereign wealth fund, the Public Investment Fund.
Source: The National, Wamda