COFE Tech has closed a pre-IPO funding round at a $178 million valuation, positioning the Gulf-based enterprise AI company for a targeted listing on the Saudi Exchange by 2029. The round was co-led by Wa’ed Ventures, the venture capital arm of Aramco, and Aditum Investment Management, alongside Masarrah Investment Company and Alyasra Foods.
The company did not disclose the amount invested in the round.
Formerly known as COFE APP, COFE Tech has evolved from a consumer marketplace into an enterprise AI and B2B SaaS platform providing intelligent procurement and AI-powered commerce infrastructure.
Its Agentic Procurement platform uses autonomous AI agents to forecast demand, automate purchase orders and approvals, track inventory and manage e-invoicing, supply chain logistics, vendors and embedded finance.
The platform includes COFE Pay, a buy-now-pay-later fintech product.
COFE Tech’s Agentic Commerce platform provides AI-enabled ecommerce, digital payments, digital wallets, loyalty and customer engagement capabilities and includes One AI’s “Talk to Your Data” generative AI functionality.
The company serves more than 1,000 enterprise customers across 3,000 locations in Saudi Arabia, Kuwait and the United Arab Emirates.
Customers span food and beverage, hospitality, aviation, healthcare, education and retail and include Emirates, Etihad Airways, Kuwait Airways, Al-Futtaim Group, Kuwait Finance House, the Central Bank of Kuwait, stc, Aramco and Alibaba Cloud.
KEY QUOTE:
“Too many companies in our region still run procurement, sales and inventory on systems that do not talk to one another. COFE Tech brings those operations into a single intelligent enterprise platform, where AI agents watch the business, anticipate what it needs and act on its behalf. Since launching out of Kuwait in 2018, we have scaled across Saudi Arabia and the UAE – a working example of what the Gulf’s innovation-driven economic visions, from Saudi Vision 2030 to Kuwait Vision 2035, and the region’s fast-growing AI ecosystem make possible for ambitious technology companies.”
Ali Al-Ebrahim, Founder and CEO of COFE Tech
