Kuwait-based COFE App, a coffee-centric marketplace app, announced today that it has secured USD 3.2 million in their Pre-Series A funding, attracting a multi-national cross-sector base of entrepreneurs and venture capital (VC) funds from the Middle East and Silicon Valley.

Conceptualized in Kuwait and developed in Silicon Valley, COFE App connects coffee house chains and independent coffee roasters with coffee lovers via a seamless, easy, and efficient user-interface. The round was led by KISP ventures, a fund established by KFH Capital (Kuwait) and 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.

The coffee category is one of the world’s fastest growing beverage categories worldwide, with over USD 600 million invested 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 USD 1 billion by year-end. The sector has also witnessed a series of a high profile, multi-billion dollar merger and acquisition activity in 2018. High profile examples include Coca Cola Co.’s $5.1 billion acquisition of Costa Coffee and JAB’s USD2 billion acquisition of Pret-a-Manger.

Source Credit: Startup MGZN
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