Kuwait-based coffee-centric marketplace COFE has raised $10 million in a Series-B funding led by leading investment house Al Imtiaz Investment Group.
The startup plans on using the fund to support vendors while simultaneously boosting customer acquisition across its operational markets that include Kuwait, Saudi Arabia, the UAE, and the UK. A part of the newly raised capital will also be spent on expediting COFE’s planned expansion to Egypt and Turk.
For those unfamiliar with the platform, COFE started its journey in 2017 as an online platform where customers can order and pay for their coffee. The app lists a comprehensive menu with a slew of customization options for coffee aficionados.
Following the company’s official launch in November 2018, COFE rapidly grew in popularity and even secured a spot among the top-five startups in Tech Innovation category at the London Coffee Shop Innovation Expo.
COFE Founder, Ali Al Ebrahim commented on the company’s success story so far by 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.”