COFE Tech Secures Investment from Phoenix Venture Partners
COFE Tech, the Saudi Arabia-headquartered enterprise technology company, has secured an undisclosed investment from Abu Dhabi-based Phoenix Venture Partners (PVP). The investment also included co-investors including KSH Investments, the international investment platform of the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan, and was completed earlier in 2026.
The investment follows COFE Tech's recent pre-IPO funding round at a $178 million valuation, as the company prepares for a potential public listing by 2029. The amount invested by PVP and its co-investors was not disclosed.
AI-Powered Procurement Across the Gulf
Founded in Kuwait in 2018 by Ali Al-Ebrahim, COFE Tech, formerly COFE App, provides AI-powered procurement and commerce infrastructure to businesses across the Gulf. The company operates two core business lines: Agentic Procurement, a unified enterprise procurement engine, and Agentic Commerce, a unified enterprise technology infrastructure solution. It also has a direct-to-consumer e-commerce business.
The company serves more than 1,000 business clients across 3,000 outlets in Saudi Arabia, Kuwait and the UAE, spanning aviation, hospitality, retail, food and beverage, and corporate sectors. In the UAE, its customers include Emirates Airlines, Etihad Airways and Al-Futtaim Group.
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Board Appointment and IPO Preparations
As part of the partnership, PVP founder and CEO Steve Khayat has joined COFE Tech's board of directors, supporting the company's expansion, corporate governance and preparations for a potential IPO.
Khayat noted his history with the company, having first backed it at the pre-Series A stage in 2018. "COFE represents exactly the kind of platform we believe in at PVP, one that starts by solving a simple, high-frequency consumer need and evolves into a deeply integrated ecosystem," he said.
Founder and CEO Ali Al-Ebrahim added: "As we enter this next phase, we look forward to leveraging PVP's expertise in scaling the business and navigating pre-IPO readiness as we continue building COFE Tech into a global technology platform."
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