Kuwait-founded COFE Tech closes a pre-IPO round at a $178M valuation
COFE, which started in Kuwait in 2018 as a coffee-ordering app, closed a pre-IPO round at a $178M valuation and is targeting a Saudi Exchange listing by 2029.
By Gold Founder2 min read
COFE started in Kuwait in 2018 as a coffee-ordering app, founded by Ali Al-Ebrahim (founder and CEO) with co-founder Hamad Musaed Al-Sayer. Today, under its new name COFE Tech, the company presents itself as an AI-powered enterprise technology company.
The pre-IPO round
At LEAP 2026 in Riyadh in early September, COFE Tech announced it had closed a pre-IPO round at a $178 million valuation. The amount raised was not disclosed.
The round was co-led by:
- Wa'ed Ventures, Aramco's venture capital arm
- Aditum Investment Management
- Masarrah Investment Company
- Alyasra Foods
The company previously raised a $15 million Series B in 2023, also led by Wa'ed Ventures.
What COFE Tech does now
Alongside its consumer marketplace, the company runs two enterprise tracks:
- Agentic Procurement: procurement infrastructure for enterprises
- Agentic Commerce: technology infrastructure for selling and commerce
The idea: businesses run procurement, sales and inventory in one system, with AI agents monitoring operations and acting on their behalf.
COFE Tech serves 1,000+ clients across about 3,000 outlets in Saudi Arabia, Kuwait and the UAE, in sectors including coffee shops, restaurants, hotels, hospitals, education and aviation.
The road to IPO
The company says the round supports its regional expansion and IPO preparation. It is targeting a listing on the Saudi Exchange by 2029.
Why it matters
COFE's story shows how a Gulf startup can start with a simple consumer product, turn it into enterprise infrastructure, and get on the road to an IPO. That kind of shift needs a strong technical team from day one.
Building an idea and looking for a technical co-founder? Or an engineer looking for a project to co-own? Create your profile on Gold Founder.