Coffee delivery app COFE raises $10mln, eyes Egypt, Turkey markets

The coffee platform said the series B funding will be used to fund growth in existing markets as well as international expansion

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images

Kuwaiti coffee delivery app COFE has raised $10 million in Series B funding, which it will use to grow in existing markets and expand into new markets including Egypt and Turkey.

The company, launched in Kuwait in 2018 and developed in the USA, raised the funds from Kuwaiti investment house Al Imtiaz Investment Group.

“The funds will be used to support vendor and customer acquisition in its existing operational markets including Kuwait, Saudi Arabia, the UAE and the UK as well as expansion in Egypt and Turkey,” COFE said in a statement.

The company will also use the funds to hire and build specialised teams and launch new products for its partner vendors and baristas, it said. 

The COFE app offers coffee shop deliveries as well as selling coffee machines, accessories, merchandise and beans to coffee connoisseurs.

The global coffee market is valued at $380 billion, with the MENA region accounting for $44 billion, which gives a ‘significant opportunity’ for the brand, COFE said.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Technology