Saudi Arabia-based enterprise technology company COFE Tech has secured a new investment from Abu Dhabi-based Phoenix Venture Partners (PVP), alongside co-investors including KSH Investments, as the company advances its growth strategy and prepares for a potential initial public offering (IPO) by 2029.
The investment, completed earlier in 2026 through a secondary share transaction, comes ahead of COFE Tech’s recently announced $43 million pre-IPO funding round, which valued the company at $178 million. The amount invested by PVP and its co-investors has not been disclosed.
Founded in Kuwait in 2018 by Ali Al-Ebrahim, COFE Tech, formerly known as COFE App, has evolved from a consumer-focused coffee marketplace into an AI-powered enterprise technology platform specializing in procurement and commerce infrastructure.
The company currently serves more than 1,000 business clients across 3,000 outlets in Saudi Arabia, Kuwait, and the UAE. Its customers include major organizations such as Emirates Airlines, Etihad Airways, and Al-Futtaim Group.
COFE Tech operates through two principal business divisions: Agentic Procurement, which streamlines enterprise purchasing processes, and Agentic Commerce, which provides integrated commerce infrastructure for businesses.
As part of the investment partnership, Steve Khayat, Founder and CEO of Phoenix Venture Partners, has joined COFE Tech’s board of directors. Khayat has supported the company since its early development stages, including its pre-Series A phase in 2018.
The partnership is expected to strengthen COFE Tech’s corporate governance, support regional expansion, and accelerate its preparations for a potential public listing.
The investment also included participation from KSH Investments, the international investment platform of the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan.
With its expanding enterprise customer base and growing focus on agentic AI solutions, COFE Tech continues to position itself as a regional technology platform serving businesses across the Gulf.
