COFE Tech closes a pre-IPO round at a $178M valuation and points at Tadawul by 2029

KUWAIT CITY — COFE Tech, the company that began as coffee-ordering app COFE App, has closed a pre-IPO round at a $178M valuation. Wa’ed Ventures, the Aramco venture arm, and Aditum Investment Management co-led, with Masarrah Investment Company and Alyasra Foods participating. Wamda reports the amount raised was not disclosed and that the company, founded by Ali Al-Ebrahim and Hamad Al-Sayer, is targeting a Saudi Exchange listing by 2029.

Undisclosed stays undisclosed. The valuation is the number that matters here, and the destination matters more than the valuation.

What it prices in: a consumer super-app rebranding as agentic enterprise procurement and commerce infrastructure, and choosing Tadawul as the exit. That is the clearest sign yet that the region’s exit path runs through Riyadh’s public markets rather than trade sales to global acquirers.

Will it work? A 2029 listing gives COFE Tech three years to grow into a public-company revenue base on enterprise procurement rather than lattes. The investors co-leading are institutional Gulf capital, which is exactly who a Tadawul listing needs on the register before the roadshow.

Source: Wamda