Saudi Arabia-based COFE Tech has secured an undisclosed investment from Phoenix Venture Partners and participating investors, following a pre-IPO funding round that valued the company at $178 million. The company is preparing for institutional expansion while targeting a potential listing by 2029.
COFE Tech, headquartered in Saudi Arabia, announced that it had secured an investment of undisclosed value from Phoenix Venture Partners, with participation from investors including KSH Investments, the international investment platform affiliated with the Private Office of Sheikh Mohamed bin Khalid Al Nahyan. The investment was completed earlier in 2026 and comes as the company moves into a new phase of growth and institutional readiness.
COFE Tech was founded in Kuwait in 2018 by Ali Al Ibrahim and was previously known as COFE App. The company provides AI-powered procurement and commerce infrastructure, serving more than 1,000 business customers across 3,000 outlets in Saudi Arabia, Kuwait and the UAE.
A platform for institutional procurement and commerce
COFE Tech operates across two main lines: a unified institutional procurement engine and a technology infrastructure solution for institutional commerce, alongside a consumer-focused e-commerce business. The sectors it serves include aviation, hospitality, retail, food and beverage, and corporates.
Its customer base in the UAE includes Emirates Airlines, Etihad Airways and Al-Futtaim Group, while the company says its overall footprint in the Gulf exceeds 1,000 customers and 3,000 outlets. Phoenix Venture Partners describes the company as one of the region’s operators of enterprise platforms powered by agentic AI.
New funding ahead of a potential listing
The new investment follows COFE Tech’s closing of a pre-IPO funding round earlier in the same month, at a valuation of $178 million. The company is targeting a potential market listing by 2029, although this does not mean that a final decision or confirmed timetable for the offering exists.
Under the partnership, Steve Khayat, founder and CEO of Phoenix Venture Partners, joined COFE Tech’s board of directors representing the fund. According to the announcement, his involvement will focus on supporting expansion, governance and institutional readiness for the pre-IPO stage.
What changes in practice?
The announcement does not add a new product or disclose a specific funding amount, but it clarifies COFE Tech’s transition from building a commerce and procurement platform to focusing on expansion, governance and capital-markets readiness. The significance of the step lies in combining new funding with direct investor representation on the board, while the company’s ability to execute its expansion plan and achieve an actual listing remains an open question.
Investors from the Phoenix Venture Partners Innovation Fund CEIC Limited participated in the investment, including KSH Investments. Ahmed Mansour, CEO of KSH Investments, said the company is developing technologies for commerce and procurement, and that the investment is aligned with his vision of strengthening the UAE’s position as a hub for innovation and the new economy.