Cofe, a UAE-based online coffee marketplace, has secured $15 million in a recent funding round to expand its e-commerce offerings and boost its presence in the regional market.
The company's app allows users to order coffee, capsules, beans, coffee machines, and other accessories from vendors hosted on its platform.
Since its inception in 2018, Cofe has expanded its presence in the MENA region and acquired Sippy Beans, a UAE-based coffee marketplace, and Kaffeen, a Saudi Arabian app.
The company has also partnered with the Saudi Coffee Company, which plans to invest nearly $320 million over the next 10 years to boost the country's coffee production.
Cofe plans to use the funding to strengthen its position in the market and expand its operations in new markets.
The funding round was led by Waed Ventures, a Saudi-focused venture capital fund owned by Aramco, and eWTP Arabia Capital, founded by Chinese entrepreneur Jerry Li. Other investors included Al Imtiaz Investment Group, KISP Ventures, and Rasameel Investment Company, a Kuwait-based wealth management fund.