Series B

Kuwait

Nawaf Hussain Marafi

Talal Al Khamis

Saleh Ahmed Al Houti

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Investment in Startup

Learn about Al Imtiaz Investment Group's contributions to E-Commerce and key investments. Explore Lucidity Insights for more.

Al Imtiaz Investment Group

E-Commerce

Al Imtiaz Investment Group (K.S.C.P) is a prominent Sharia’a compliant investment group in Kuwait, founded in 2005 and listed on Boursa Kuwait in 2011, with a paid-up capital of KD 113 million and a diversified portfolio of assets spanning different markets globally, primarily focused on the GCC and wider MENA region. The group is regulated by the Capital Markets Authority and Ministry of Commerce & Industry, ensuring compliance and transparency in all its operations.

Dubai

Pre-IPO

COFE Tech

Apps

Food Delivery

Foodtech

Mobile Apps

Marketplace

Food and Beverages

Internet

Coffee and Tea

Software

Artificial Intelligence (AI)

COFE Tech (previously COFE App) is an enterprise artificial intelligence (AI) and software platform that evolved from a popular consumer coffee-ordering app into a business-to-business (B2B) digital infrastructure provider.

<ul>
	<li>UAE-based online coffee marketplace Cofe has raised $15 million in a Series B funding round led by Wa&#39;ed&nbsp;Ventures, with participation from eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital) and Rasameel Investment Company.</li>
	<li>Founded in 2018 by Ali Al Ebrahim, Cofe is an online marketplace for coffee and all related accessories through various vendors hosted on its platform.</li>
	<li>Using the new funds, the company will focus on strengthening its e-commerce offerings, boosting its position in the regional market and expanding internationally in the near future.</li>
</ul>

Source: The National

UAE-based online coffee marketplace Cofe has raised $15 million in a new funding round as the company aims to expand its operations in new markets.

The latest funding round was led by Waed Ventures, the $500 million Saudi-focused venture capital fund wholly owned by Aramco, and eWTP Arabia Capital, which was founded by Chinese entrepreneur Jerry Li.

Other investors include Al Imtiaz Investment Group, KISP Ventures and Rasameel Investment Company, a Kuwait-based wealth management fund.

Following the new funding round, the company said it will focus on strengthening its e-commerce offerings, boosting its position in the regional market and expanding internationally in the near future.

&ldquo;Cofe&rsquo;s story has been one of resilience. We have had some great opportunities, but not without its challenges that have needed innovative manoeuvring,&rdquo; Ali Al Ebrahim, founder and chief executive of the company, said.

&ldquo;We have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem.&rdquo;

Founded 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.

It acquired the UAE-based coffee marketplace Sippy Beans in 2021 as it sought to widen its offerings. In March last year, it acquired the Saudi Arabian app Kaffeen for an undisclosed sum in a move to consolidate its presence across the region.

&ldquo;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,&rdquo; Fahad Alidi, managing director at Waed Ventures, said.

&ldquo;We look forward to backing Cofe&rsquo;s growth as it continues to lead the digitalisation of farm-to-cup consumerism across the region.&rdquo;

Cofe, which entered Saudi Arabia &mdash; the Arab world&rsquo;s biggest economy &mdash; in 2020, has seen widespread acceptance from users in the kingdom.

It was listed as one of 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&rsquo;s sovereign wealth fund, the Public Investment Fund.

The SCC plans over the next 10 years to invest nearly 1.2 billion Saudi riyals ($320 million) in the national coffee industry, with the goal of boosting the country&rsquo;s production from 300 tonnes per year to 2,500 tonnes per year.

&ldquo;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,&rdquo; Mr Li, founder and managing partner of eWTP Arabia Capital, said.

The global coffee market was valued at $102 billion in 2020 and is projected to grow at a compound annual growth rate of 4.28 per cent between 2021 and 2026, a report by ResearchAndMarkets.com showed.

Meanwhile, the coffee market in the Middle East and North Africa region is set to grow at a compound annual growth rate of 7.5 per cent between 2020 and 2025, according to a report by Mordor Intelligence.

Al Imtiaz Investment Group, which is listed on the Boursa Kuwait, is Cofe&rsquo;s largest investor by contribution. Having invested $10 million in the previous round, it invested $1 million this time around, taking its total investment in Cofe to $11 million.

COFE raises $15 million Series B round led by Wa'ed Ventures

Kuwaiti coffee delivery app COFE has raised $10 million in new funding, which it aims to use to scale up its operations in Kuwait, Saudi Arabia, the UAE and the UK and to expand into Egypt and Turkey.

The funding was provided by Kuwaiti listed investment house Al Imtiaz Investment Group. COFE was conceived in 2017 by Kuwait-based founder Ali Al-Ebrahim, developed in Silicon Valley and launched in 2018.

&ldquo;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.&nbsp; Our partners have recognized this and are confident in our ability to serve existing customers and vendors, while expanding into new markets,&rdquo; Al-Ebrahim said in a press statement.

COFE raises $10 million

Coffee and tea are the second most popular beverages in the world behind water, with the global coffee market currently valued at $380 billion and the MENA region alone accounting for $44 billion of that figure. This represents a significant opportunity for the online marketplace COFE, which recently sold its one millionth cup of coffee and announced today that it has raised $10 million in Series-B funding.The financing, which was provided by Al Imtiaz Investment Group, a leading Kuwaiti investment house listed on the Boursa Kuwait (formerly the Kuwait Stock Exchange), 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.

Online coffee marketplace COFE raises $10 million in Series-B funding

Kuwaiti coffee delivery app COFE has raised $10 million in new funding, which it aims to use to scale up its operations in Kuwait, Saudi Arabia, the UAE and the UK and to expand into Egypt and Turkey.

The funding was provided by Kuwaiti listed investment house Al Imtiaz Investment Group. COFE was conceived in 2017 by Kuwait-based founder Ali Al-Ebrahim, developed in Silicon Valley and launched in 2018.

Al Imtiaz Investment Group

Funding Deals, by Startup Growth Stage

Funding Deals, by Region

No. of Portfolio Companies

Total No. of Investments Globally, by Year

We Invest in Startups in the Following Stages

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Sectors we invest in

Top 10 sectors we invest in

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or Investments

Executive Team Members

Al Imtiaz Investment Group

Funding Deals, by Startup Growth Stage

Funding Deals, by Region

No. of Portfolio Companies

Total No. of Investments Globally, by Year

We Invest in Startups in the Following Stages

Statistics

Sectors we invest in

Top 10 sectors we invest in

Portfolio Companies or Investments

Executive Team Members

Portfolio Companies
or Investments