COFE Closes New Funding Round at Reported $178 Million Valuation

Kuwait-born digital coffee platform COFE has closed a new funding round led by Wa’ed Ventures, the Aramco-backed venture capital firm, at a reported valuation of around $178 million.

The amount raised was not disclosed. The round comes more than three years after COFE’s $15 million Series B in March 2023, which was also led by Wa’ed Ventures alongside eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures and Rasameel Investment Company.

COFE has expanded beyond its original coffee-ordering app into a broader commerce platform. Consumers can order drinks and purchase beans, capsules, brewing equipment and other products through a single account and wallet, with subscriptions and loyalty services also built into the platform.

On the business side, the company is developing B2B tools covering commerce, customer management, loyalty and marketing, alongside AI-driven technology and software agents designed to support commerce and growth operations.

COFE operates across Saudi Arabia, Kuwait, the UAE and Turkey. Published company figures indicate more than 4.1 million downloads, around two million users and access to over 15,000 stores.

Saudi Arabia has become a major market for the company since its entry in 2020. COFE later partnered with Saudi Coffee Company, a Public Investment Fund company, on initiatives aimed at digitising parts of the local coffee sector and expanding consumer access.

The latest round also follows a change in COFE’s shareholder base. In July 2026, Al Imtiaz Group announced plans to exit its entire investment in Cofe District App Holding Ltd. through a transaction valued at up to approximately $12.58 million, subject to closing conditions.