Online marketplace, COFE, has raised $10 million in Series-B funding from Al Imtiaz Investment Group, a Bourse-listed Kuwaiti investment house. The financing will be used to support vendor and customer acquisition in COFE’s operational markets including Kuwait, Saudi Arabia, the UAE and the UK, in addition to its expansion in Egypt and Turkey. The coffee marketplace will also use the funds to hire and build specialized teams in each of its markets and launch new products for partner vendors and baristas.
Coffee and tea are the second most popular beverages in the world behind water, with the global coffee market currently valued at $380 billion and the MENA region alone accounting for $44 billion of that figure. This represents a significant opportunity for the, which recently sold its one millionth cup of coffee and announced today that it.
COFE Founder, Ali Al Ebrahim commented, “From early days, we have shown tremendous potential as a unique offering that caters to discerning coffee connoisseurs and their consumption habits, while helping to grow and transform revenue streams for our vendors. Our partners have recognized this and are confident in our ability to serve existing customers and vendors, while expanding into new markets. It is an exciting time to be a part of the COFE team, and we look forward to working with our new investors in realizing our shared vision to make COFE the go-to marketplace for all things coffee.”
COFE, which placed among the top five startups in Tech Innovation category at the London Coffee Shop Innovation Expo, offers users access to both international chains as well as a host of specialty roasters. Its success has been spurred by changing consumer habits which have shown a steady shift towards online purchase and at-home brewing. A trend that is underpinned by coffee companies embracing digital transformation through mobile ordering, curb side pick-up, delivery, and e-commerce platforms for retail coffee.
Apart from connecting users with their favourite coffee shops, COFE offers machines, beans, accessories, and other merchandise, allowing them to become baristas of their own. The app also includes several customer centric features such as a referral program, rewards points, and gift cards.