ADIO's AED 2Bn Program signs COFE App
MENA's coffee connoisseur, COFE App continues its expansion with a new partnership with the Abu Dhabi Investment Office set to power its growth journey and support its relocation of its global HQ to the UAE.
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Following its acquisition of Sippy Beans, MENA’s coffee connoisseur COFE App continues its growth trajectory and becomes the newest partner company benefitting from the Abu Dhabi Investment Office’s (ADIO) Innovation Programme to help further scale the start-ups’ operations and contribute to diversifying Abu Dhabi’s economy.
The partnership is part of ADIO’s AED 2Bn Innovation Programme that aims to support investors and innovation-driven businesses while facilitating growth opportunities for startups in the region. Incentives totaling AED 1 billion, out of a total program size of AED 2 billion, have been awarded to 37 innovative companies, one of which is COFE App.
The UAE innovation ecosystem has been observing exponential growth over the years culminating in a 130% YoY growth in VC funding as recorded in our State of Startup Funding- 2022 Emerging Venture Markets Report, available for download. Many private and public initiatives have been on the forefronts of this drive, wherein in 2016 the UAE introduced its first regulatory lab in AbuDhabi. Reglab has been working with UAE-based FinTech startups on smart and next-generation innovation like YallaCompare, which was a member of its 3rd cohort and has taken part in the UAE’s 108% YoY growth in FinTech funding. Another similar initiative is the innovation testing license introduced by the Dubai Financial Services Authority, which gave room for FinTech startups like Sarwa to introduce and test the market-fit of their products without the pressures of strict regulation and the costs and risks associated. This move by the ADIO remains another in a series of advances championing innovation by working with promising ventures with scaling potential.
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The partnership with ADIO will see COFE App relocate its global HQ to Abu Dhabi, where the start-up will continue expanding the coffee marketplace and place and gain a further foothold in the beverage and tech ecosystems. The incentives from ADIO will enable COFE App to capture and maximize growth opportunities within the region and beyond. The partnership will also help COFE App increase focus on attracting and retaining leading talent in the industry, which is going to further amplify their growth.
In recent months, the program has enabled companies such as the Arab world’s leading music streaming platform Anghami, cloud management firm Bespin Global, and video streaming service STARZPLAY to establish headquarters in Abu Dhabi. Mohamed Al Dhaheri, Acting Executive Director – Business Enterprise, Abu Dhabi Investment Office said: “ADIO is deeply committed to empowering start-ups with the resources they need to successfully achieve the next phase of their expansion, and transition into leaders in the market. We are fulfilling our mission to drive private sector growth by partnering and supporting high-growth businesses such as COFE App, which is driving innovation with its cutting-edge business model and highly ambitious growth strategy. We will work closely with COFE App and support their journey to reach the next level and become the region’s leading online coffee marketplace.”
COFE App is a state-of-the-art coffee-centric application that provides quick access to a wide range of international coffee franchises and artisanal coffee brands through multiple premium services and features on one platform. COFE App provides multiple ordering solutions to coffee lovers looking for a smart way to grab their daily coffee.
COFE App Founder and CEO, Ali Al Ebrahim, said: “Abu Dhabi Investment Office’s confidence in COFE App will further pave the way for growth in the emirate. With Abu Dhabi’s strong infrastructure and hunger for all things ‘smart’, coupled with the unique offering we have created at COFE and a diverse and talented global team, I truly believe we are creating an ecosystem that will lead the coffee marketplace into a new era”. With coffee consumption habits changing across the globe and online purchases becoming more popular, COFE’s ambitious growth strategy reflects the growing demand for a virtual marketplace that helps connect coffee lovers with all their coffee needs, via a daily app.
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