Kuwait-based COFE will use these funds to expand into Egypt and Turkey, and scale up operations in Kuwait, Saudi Arabia, the UAE and the UK.
Kuwaiti coffee delivery app COFE has raised $10 million in funding, which it will use to fuel its expansion efforts into the Egyptian and Turkish markets, and scale up its operations in Kuwait, Saudi Arabia, the UAE and the United Kingdom.
“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,” Kuwait-based founder Ali Al-Ebrahim said. He launched the app in 2018 after developing it in Silicon Valley. “Our partners have recognized this and are confident in our ability to serve existing customers and vendors, while expanding into new markets.”
The funding was provided by Kuwaiti-listed investment house Al Imtiaz Investment Group, which has picked up a 25% stake in COFE District Ltd Co. with the deal. Al-Imtiaz, which works as a holding company, manages a diversified portfolio of direct investments across multiple sectors and in various geographic locations.
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