COFE Tech closes pre-IPO round at $178 million valuation
Kuwait-founded COFE Tech has raised pre-IPO funding at a $178 million valuation as it prepares for a Saudi Exchange IPO.
Kuwait-founded enterprise technology company COFE Tech has closed a pre-IPO funding round at a valuation of $178 million. The amount investors put in was not disclosed. Wa’ed Ventures, Aditum Investment Management, Masarrah Investment Company and Alyasra Foods co-led the transaction. COFE Tech, formerly COFE App, announced the close at LEAP 2026 in Riyadh, where founder and chief executive Ali Al-Ebrahim and co-founder Hamad Musaed Al-Sayer represented the company.
Al-Ebrahim established COFE in Kuwait in 2018 as a consumer coffee marketplace. It has since become an enterprise technology company providing AI-powered procurement and commerce infrastructure, and it now describes itself as an operator of agentic AI enterprises. Its direct-to-consumer marketplace still operates alongside the business platform, and more than 1,000 businesses across the Gulf use its systems.
Al-Ebrahim argues that many companies in the region run procurement, sales and inventory on systems that do not share data, creating inefficiency at every step. His answer is a single intelligent platform where software agents monitor the business, anticipate what it needs, and act before a shelf runs empty or a customer is left waiting.
The enterprise architecture has two tracks. Agentic Procurement is the company’s unified enterprise procurement infrastructure, while Agentic Commerce is its unified enterprise technology infrastructure for commerce. Chief technology officer Shahood Siddiqui describes the design as one core with two engines, allowing a customer to start with a single workflow and extend across its whole operation without re-platforming.
COFE Tech’s platform reaches about 3,000 outlets in Saudi Arabia, Kuwait and the United Arab Emirates. Its customers sit across coffee shops, restaurants, hotels, hospitals, education, aviation and corporate operations. Named users include Emirates, Etihad Airways, Kuwait Airways, Al-Futtaim Group, Kuwait Finance House, the Central Bank of Kuwait, stc, Aramco and Alibaba Cloud. The company has been called the “Salesforce of MENA.”
The new capital is intended to support continued expansion across the Middle East and North Africa and preparation for a targeted IPO on the Saudi Exchange by 2029. COFE Tech links that plan to Saudi Vision 2030. The company already has a regional investor base: a $15 million Series B in 2023 was led by Wa’ed Ventures, with eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital) and Rasameel Investment Company participating.
Wa’ed Ventures, the domestic venturing arm of Aramco, sees COFE Tech as proof that a consumer marketplace can evolve into an enterprise technology platform. Wa’ed chief executive Anas Algahtani said the company has room to deepen its presence in Saudi Arabia and build an institutionally ready business with long-term regional relevance. Aditum executives Manoj Mahadev and Sonali Goila said the round matches a strategy of backing companies that combine disciplined regional growth with an evolving governance framework. Masarrah board member Dalal Al Mutlaq emphasized patient capital and COFE Tech’s move from its Kuwait roots into a business serving more than 1,000 Gulf enterprises. Alyasra Group’s Yousef Nasser Alfulaij said the investment reflects confidence in the management team’s ability to strengthen the company across the GCC and then expand beyond the region.
