Dubai-based online coffee marketplace, Cofe, has secured $15 million in a funding round led by Waed Ventures and eWTP Arabia Capital. Other investors include Al Imtiaz Investment Group, KISP Ventures, and Rasameel Investment Company. The funds will be used to expand its e-commerce offerings, strengthen its position in the regional market, and expand internationally. Cofe has acquired UAE-based coffee marketplace Sippy Beans and Saudi Arabian app Kaffeen and partnered with Saudi Coffee Company to increase coffee production. Cofe was listed as one of the top 10 most downloaded food delivery and restaurant apps in Saudi Arabia in 2021. The global coffee market was valued at $102 billion in 2020 and is expected to grow at a CAGR of 4.28% between 2021 and 2026, while the Middle East and North Africa region is set to grow at a CAGR of 7.5% between 2020 and 2025.
Cofe, an online coffee marketplace based in the UAE, has secured $15 million in a recent funding round aimed at expanding its operations in new markets. The round was led by Waed Ventures, a Saudi-focused venture capital fund wholly owned by Aramco, and eWTP Arabia Capital, founded by Chinese entrepreneur Jerry Li, and attracted investment from Al Imtiaz Investment Group, KISP Ventures, and Rasameel Investment Company. With this funding, Cofe plans to strengthen its e-commerce offerings and expand its market position in the region and globally.
Cofe is a platform that offers coffee and related accessories from vendors hosted on its website. It acquired the UAE-based coffee marketplace Sippy Beans and the Saudi Arabian app Kaffeen. Cofe was founded in 2018 and has become very popular among users in Saudi Arabia, the largest economy in the Arab world. It was listed as one of the top 10 most downloaded food delivery and restaurant apps in 2021, according to a survey by the Communication and Information Technology Commission of Saudi Arabia.
The investment from Waed Ventures and eWTP Arabia Capital is expected to help Cofe scale and grow, according to Jerry Li, founder and managing partner of eWTP Arabia Capital. Cofe's CEO, Ali Al Ebrahim, said that the funding round would enable the company to continue to grow and create an environment for the expansion of the entire coffee ecosystem. The global coffee market was valued at $102 billion in 2020 and is projected to grow at a compound annual growth rate of 4.28% between 2021 and 2026, while the coffee market in the Middle East and North Africa region is set to grow at a compound annual growth rate of 7.5% between 2020 and 2025, according to reports.
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