UAE-based online coffee marketplace Cofe raises $15M in Series B funding round
The UAE-based company aims to bolster its ecommerce offerings, strengthen its regional market presence, and venture into international markets.
UAE-based online coffee marketplace has raised $15 million in a Series B funding round led by Wa'ed Ventures, the Saudi Arabia-focused venture capital fund, wholly owned by Aramco.
It also saw participation from Electronic World Trading Platform (eWTP) Arabia Capital, Rasameel Investment Company, Al Imtiaz Investment Group, and KISP Ventures (KFH Capital).
With the raised capital, the company aims to bolster its ecommerce offerings, strengthen its regional market presence, and venture into international markets in the near future, a press statement shared by the company said.
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Cofe, founded in 2018 by Ali Al Ebrahim, is an online marketplace for coffee and related accessories. Various shops and vendors are hosted on its platform. It facilitates users to order coffee, coffee machines, capsules, beans, and associated products.
At present, the Cofe app—available on App Store and Google Play Store—operates in Kuwait, Saudi Arabia, UAE, and Egypt.
In 2021, Cofe acquired the UAE-based Sippy Beans, a coffee marketplace, to extend its offerings. In 2022, it acquired the Saudi Arabian app Kaffeen with the aim of consolidating its presence across the region.
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Edited by Suman Singh
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