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COFE Tech said in a statement that it had closed a pre-IPO funding round valuing the firm at $178 million. The announcement came during LEAP 2026 in Riyadh, with the investment co-led by Wa’ed Ventures, the venture capital arm of Aramco, along with Aditum Investment Management, Masarrah Investment Company and Alyasra Foods. The company, formerly known as COFE APP, did not disclose the amount raised in the latest transaction.
The statement detailed how COFE Tech has evolved into a provider of agentic AI enterprises and intelligent procurement infrastructure for more than 1,000 businesses across the Gulf. The Kuwait-founded firm now operates across Saudi Arabia, Kuwait and the United Arab Emirates, serving clients in sectors that include food and beverage, hospitality, aviation, healthcare, education and retail. Its platform supports more than 3,000 outlets, according to the company’s release.
COFE Tech described two core engines powering its enterprise offerings in the announcement. Agentic Procurement functions as a unified digital system in which autonomous AI agents forecast demand, automate purchase orders, manage approvals, track inventory and handle e-invoicing along with supply chain logistics. The platform also incorporates vendor management and embedded finance services, including the COFE Pay buy-now-pay-later product.
A parallel Agentic Commerce infrastructure completes the enterprise technology suite that runs alongside the firm’s original direct-to-consumer marketplace. The latest investment builds on COFE Tech’s transformation from a consumer coffee ordering application into a B2B SaaS platform, the statement noted. The company previously closed a $15 million Series B round in 2023 that Wa’ed Ventures also led.
The pre-IPO round positions COFE Tech for a targeted initial public offering on the Saudi Exchange by 2029. Founder and CEO Ali Al-Ebrahim said in the statement that too many companies in the region still run procurement, sales and inventory on systems that do not talk to one another. Al-Ebrahim added that this gap costs them efficiency at every step.
Al-Ebrahim continued that COFE Tech brings those operations into a single intelligent platform where agents watch the business, anticipate what it needs and act on its behalf before a shelf runs empty or a customer is kept waiting. The CEO stated that the backing from Wa’ed Ventures, Aditum Investment Management, Masarrah Investment Company and Alyasra Foods reflects confidence in the company’s view on where enterprise software in the Gulf is heading. He said the firm intends to turn that into continued growth across the MENA region.
The funding round announcement at LEAP 2026 included attendance by Al-Ebrahim and co-founder Hamad Musaed Al-Sayer along with representatives from the participating investors. A 2023 Wamda report noted that COFE had already begun shifting focus toward enterprise solutions at the time of its prior round. The latest pre-IPO transaction marks a further step in that strategic pivot.
