COFE Valued at $178 Million: What Has Changed Since Its Last Funding Round?

COFE has been valued at approximately $178 million after completing a new funding round led by Wa’ed Ventures, the venture capital arm backed by Saudi Aramco. The round follows COFE’s $15 million Series B in March 2023, also led by Wa’ed Ventures, and marks a notable evolution in the company’s business model and ownership structure. Financial details of the new round beyond the valuation have not been disclosed.

"COFE has entered a new phase of its investment journey," the company said, framing the latest financing as part of a broader shift from a coffee-ordering app toward a diversified digital platform.

From ordering app to digital ecosystem

Since the Series B, COFE has broadened its offering beyond basic ordering, delivery and pickup services to include coffee beans, capsules, brewing machines and equipment. The company has built a more comprehensive ecosystem that now encompasses subscriptions, loyalty programs and expanded e-commerce capabilities. That repositioning has transformed COFE from a niche consumer app into a multi-service platform that serves both end consumers and businesses.

COFE has begun offering tools and solutions for brands and merchants, leveraging its technology infrastructure, a growing user base and a network of partner stores to provide services spanning digital commerce, customer management, loyalty and marketing. This shift is intended to create multiple revenue streams rather than relying mostly on commissions from orders.

Regional expansion and strategic partnerships

COFE first entered the Saudi market in 2020 and has strengthened its local presence through expansion and partnerships, notably working with Saudi Coffee Company, a subsidiary of the Public Investment Fund, as part of efforts to digitize the Kingdom’s coffee sector. The company now operates across several markets, including Saudi Arabia, Kuwait, the UAE and Turkey.

• Users: approximately 2 million
• Downloads: more than 4.1 million
• Merchant network: access to more than 15,000 stores

The regional footprint was an explicit objective of COFE’s 2023 Series B, led by Wa’ed Ventures with participation from eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures and Rasameel Investment Company. At that time COFE said "the funding would be used to strengthen its e-commerce offering, consolidate its regional position and support expansion into new markets."

Investor changes and ownership moves

The latest round arrives amid changes to COFE’s investor base. In July 2026, Al Imtiaz Group disclosed a transaction to exit its entire investment in Cofe District App Holding Ltd for total consideration of approximately $12.58 million, comprising an in-kind contribution valued at $2 million and a cash consideration of $10.58 million. The return of Wa’ed Ventures to lead the newest round—more than three years after the Series B—signals continued backing from a strategic investor closely linked to the Saudi market.

Outlook

COFE is pursuing growth on two fronts: expanding commerce- and subscription-driven consumer offerings, and developing technology products and services for brands and merchants. The company is also incorporating artificial intelligence and software agents across growth, marketing and commerce operations to extend its value beyond transaction facilitation. How COFE converts the $178 million valuation into sustainable revenue generation will depend on its ability to scale multiple monetization channels across its regional network and to translate technological investments into measurable merchant and brand adoption.