Kuwaiti online coffee marketplace ‘Cofe’ raises seven-figure Series A at a valuation of

Kuwaiti online coffee marketplace Cofe has raised a seven-figure Series A, it announced today in a statement to MENAbytes without disclosing the exact amount. The Kuwaiti startup said that the round came a valuation of $25 million (it’s not clear if that’s pre-money or post – we’ve asked Cofe and will update the story if we hear back). Cofe also did not disclose the name of investors but said that the money came from ‘top private sector firms.’

This announcement comes just eight months after Cofe announced its $3.2 million Pre-Series A that was led by Kuwait-based KISP Ventures and joined by 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’s mobile-based marketplace connects independent brands and local and international coffee chains with customers to help them order coffee online. The mobile app (that’s available for both iOS and Android) allows 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.

The startup without sharing details said the latest investment will support Cofe’s international expansion plans.

Ali Al Ebrahim, founder and CEO of Cofe, commenting on the occasion, said, “We have always worked with partners and investors who believe in our vision of creating a global Cofe community. Over the last few months we have been working continuously on scaling up our tech to support our expansion strategy, and I am happy to say, with the Series A funding Round successfully closed, Cofe family is prepared to go international soon.”

#Kuwait

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