COFE, Online Coffee Marketplace, raises $15m in funding after mandating to invest SAR 1.2bn in Saudi Arabia’s Coffee Sector

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COFE, an online coffee marketplace, has raised $15m in its Series B funding round, led by Saudi-focused venture capital fund, Waed Ventures, and including eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures, and Rasameel Investment Company. Founded in 2018 by Ali Al-Ebrahim, COFE currently operates in Kuwait, Saudi Arabia, UAE, and Egypt, and plans to expand internationally. The platform is already an important player in the $44bn MENA coffee market and will focus on expanding its e-commerce offering with the funds raised in this round. COFE’s recent partnership with the Saudi Coffee Company has attracted Saudi-based investors, while the global coffee market is predicted to grow at a CAGR of 7.5% between 2022-2027.