Kuwait-based COFE secures $10M Series B investment
COFE, a Kuwait-based coffee-centric marketplace mobile app has secured a $10M Series-B fundraise from Al Imtiaz Investment Group, a leading Kuwaiti investment house listed on the Boursa Kuwait (formerly the Kuwait Stock Exchange).
Founded in 2017, COFE App enables customers to order and pay for their coffee online. With the app users can get COFE at the coffee shop counter, office, car, classroom, hospital, and airport departures or have it delivered to their preferred address. The entire selection and purchasing process takes place in the app, which offers comprehensive menus and drink customization options. The app also includes several customer centric features such as a referral program, rewards points, and gift cards.
The platform which placed among the top five startups in Tech Innovation category at the London Coffee Shop Innovation Expo, has grown from strength to strength since its official launch in November 2018, offering users access to both international chains like Costa Coffee, Dunkin’, Coffee Bean & Tea Leaf, in addition to a host of specialty roasters. Its success has been spurred by changing consumer habits which have shown a steady shift towards online purchase and at-home brewing. A trend that is underpinned by coffee companies embracing digital transformation through mobile ordering, curbside pick-up, delivery, and e-commerce platforms for retail coffee.
COFE Founder, Ali Al Ebrahim commented on the achievement saying “From its early days, COFE has shown tremendous potential as a unique offering that caters to discerning coffee connoisseurs and their consumption habits, while helping to grow and transform revenue streams for vendors. Our partners have recognized this and are confident in our ability to serve existing customers and vendors, while expanding into new markets. It is an exciting time to be a part of the COFE team, and we look forward to working with our new investors in realizing our shared vision to make COFE the go-to marketplace for all things coffee.”
Mr. Al Ebrahim also praised the COFE team’s invaluable role in the platform’s latest milestone adding, “Where we are today is the culmination of years of relentless hard work on the part of my colleagues. Thank you to each and every team member for sharing my passion, and for contributing to our vision to see that COFE becomes the most frequently used daily app for all things coffee.”
The investment will be used to support vendor and customer acquisition in COFE’s operational markets including Kuwait, Saudi Arabia, the UAE and the UK, in addition to its expansion in Egypt and Turkey. COFE will also use the funds to hire and build specialized teams in each of its markets and launch new products for partner vendors and baristas.
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