COFE Tech, the Riyadh-based enterprise technology company formerly known as COFE App, has closed a pre-IPO funding round at a $178 million valuation. The amount invested in the round was not disclosed. The financing was backed by Wa’ed Ventures, Aditum Investment Management, Masarrah Investment Company and Alyasra Foods.
The company announced the transaction on September 1, 2026, during LEAP 2026 in Riyadh. COFE Tech said the investment will support its continued expansion across the Middle East and North Africa as it works toward a targeted listing on the Saudi Exchange by 2029.
Led by founder and CEO Ali Al-Ebrahim, with Hamad Musaed Al-Sayer as co-founder, COFE Tech has expanded from its original consumer coffee marketplace into an enterprise technology platform focused on procurement and commerce infrastructure.
Its Agentic Procurement platform uses AI agents to support functions including demand forecasting, purchase orders, approvals, inventory management, invoicing, logistics, vendor management and embedded finance. Its Agentic Commerce offering provides businesses with digital ordering, payments, wallets, loyalty tools, customer engagement and related commerce infrastructure.
COFE Tech said it serves more than 1,000 clients across 3,000 outlets in Saudi Arabia, Kuwait and the United Arab Emirates. Its customer base spans sectors including food and beverage, hospitality, aviation, healthcare, education and corporate services.
The company previously raised $15 million in a Series B funding round in March 2023 led by Wa’ed Ventures, with participation from eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures and Rasameel Investment Company.
