The round was led by KISP ventures, a fund established by KFH Capital in Kuwait and Cedar Mundi (Lebanon), Towell Holding International (Oman), Takamul Capital and Dividend Gate Capital (Bahrain), Nizar AlNusif Sons Holding and Arab Investment Company (Kuwait).
Conceptualised in Kuwait and developed in Silicon Valley, COFE connects coffee house chains and independent roasters with coffee lovers through an app, which was beta launched in February 2018. Founded in the summer of 2017 by Ali Al Ebrahim, the app has since been featured in Forbes Middle East’s annual list of “Top 50 startups to watch for in the Arab world”.
Al Ebrahim, CEO, said:
“We are a group of coffee enthusiasts who – in the age of Tesla, Uber, and Airbnb – got frustrated with old-world ways of ordering coffee. So we set out to streamline the coffee ordering process and bring to our mobiles phones and everyone else’s as well, aiming to bring the coffee culture and technology together in one unified platform.
“Today, we have a fast-growing state-of-the-art app that enables customers to order their favourite coffee from their favourite coffee house, and an app that has the potential to transform and grow our vendor’s revenue streams. Needless to say, it’s been a very exciting year for us at COFE App, and as we make this announcement today, and welcome our new investors on board, we are more focused than ever on growing our customer base both in Kuwait and abroad.”
The company did not specify what it plans to do with the fresh investment.