Kuwait’s COFE app secures $3.2m in pre-Series A funding

Kuwait-based COFE app, a coffee-centric marketplace app, has raised $3.2 million in a pre-Series A funding from venture capital funds in the region and Silicon Valley, according to an official release.

The round was led by KISP Ventures, a fund established by KFH Capital (Kuwait), and other investors including Cedar Mundi (Lebanon), Towell Holding International (Oman), Takamul Capital and Dividend Gate Capital (Bahrain), Nizar AlNusif Sons Holding and Arab Investment Company (Kuwait).

The investment was facilitated by FTL Legal Services.

Founded in 2017 by Ali Al Ebrahim, COFE app connects coffee house chains and independent roasters with consumers  via an app.

“We are a group of coffee enthusiasts who – in the age of Tesla, Uber, and Airbnb – got frustrated with old-world ways of ordering coffee. So we set out to streamline the coffee ordering process and bring to our mobiles phones and everyone else’s as well, aiming to bring the coffee culture and technology together in one unified platform,” said the COFE App Founder and CEO.

COFE App said in the statement that the coffee category is one of the world’s fastest-growing beverage categories worldwide.

The sector attracted $600 million investment in coffee-related startups globally for the first seven months of 2018 – almost four times the investments of 2017, according to data from CB Insights.  who are expecting the figure to hit $1 billion by year-end.

Also Read:

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Fresh after raising $200m, GIC-backed Luckin Coffee aims to overtake Starbucks in China

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.