Nadya Eka Lestari
TechInAfrica — Cofe, an online coffee marketplace based in Kuwait has successfully raised an investment on seven-figure Series A funding at a valuation of $25 million. The announcement has come with an undisclosed amount and the name of the investors. It also remained unstated if the investment is a pre-money or post-money funding.
This news comes eight months after the Cofe announced its $3.2 million Pre-Series A that was led by the KISP Ventures and partnered by Lebanon’s Cedar Mundi, Oman’s Towell Holding International, Takamul Capital and Dividend Capital from Bahrain, and Nizar AlNusif Sons Holding and Arab Investment Company from Kuwait.
Cofe’s mobile-based marketplace was founded by Ali Al Ebrahim in 2017. The company connects independent brands and both local and international coffee chains with customers to help them order coffee online. The mobile app, which available for iOS and Android, allows customers to order and pay for their coffee and select from different delivery options, including delivery to their home or office, counter pick-up, and car pick-up service. The whole selection and purchasing process occurs in the app that allows users to customize their drinks as well.
Regarding the recently secured investment, Ali Al Ebrahim, founder and CEO of Cofe, commented in a statement, “We have always worked with partners and investors who believe in our vision of creating a global Cofe community.
Over the last few months we have been working continuously on scaling up our tech to support our expansion strategy, and I am happy to say, with the Series A funding Round successfully closed, Cofe family is prepared to go international soon,” he also added.
The startup didn’t share the further details of the latest investment, which came from ‘top private sector firms’. They said that the investment will support Cofe’s international expansion plans in the future.
Source: menabytes.com
