Investments

Kuwait-based online coffee marketplace ‘Cofe’ raises $3.2 million Pre-Series A

Kuwait-based Cofe has raised $3.2 million in Pre-Series A funding for its coffee-centric marketplace app, the startup announced today, adding that the investment came from different VC funds of the region and Silicon Valley. The round was led by Kuwait’s KISP Ventures with Lebanon’s Cedar Mundi, Oman’s Towell Holding International, Takamul Capital and Dividend Capital from Bahrain, and Nizar AlNusif Sons Holding and Arab Investment Company from Kuwait.

Founded in 2017 by Ali Al Ebrahim, Cofe is a mobile-based marketplace that connects independent brands and local and international franchise chains with customers to sell them coffee online.

The iOS-only app enables customers to order and pay for their coffee and choose from different delivery options including fast delivery to their office or home, counter pick up, and car pick up service. The entire selection and purchasing process takes place in the app that also allows users to customize their drinks.

Cofe Founder and CEO, Ali Al Ebrahim said: “We are a group of coffee enthusiasts who – in the age of Tesla, Uber, and Airbnb – got frustrated with old-world ways of ordering coffee. So we set out to streamline the coffee ordering process and bring to our mobiles phones and everyone else’s as well, aiming to bring the coffee culture and technology together in one unified platform.”

“Today, we have a fast-growing state-of-the-art app that enables customers to order their favorite coffee from their favorite coffee house, and an app that has the potential to transform and grow our vendor’s revenue streams. Needless to say, it’s been a very exciting year for us at COFE App, and as we make this announcement today, and welcome our new investors on board, we are more focused than ever on growing our customer base both in Kuwait and abroad,” he added.

It is one of the biggest funding rounds raised by a Kuwaiti startup in recent times.

More details to follow..

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