{
  "id": 13112373,
  "title": "COFE Tech receives new backing from Phoenix Venture Partners",
  "url": "https://urgent.news/2026/10/09/cofe-tech-receives-new-backing-from-phoenix-venture-partners",
  "topic": "tech",
  "section": "Tech",
  "published": "2026-10-09T10:32:46.000Z",
  "source": {
    "name": "Wamda",
    "slug": "wamda",
    "url": "http://wamda.com/2026/10/cofe-tech-receives-new-backing-phoenix-venture-partners"
  },
  "original_language": "en",
  "account": "Saudi-based enterprise technology firm COFE Tech has secured undisclosed backing from Abu Dhabi-based investment firm Phoenix Venture Partners (PVP), alongside co-investors KSH Investments and the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan's international platform, according to a press release dated 2026.\n\nCOFE Tech, founded in Kuwait in 2018 by Ali Al-Ebrahim, offers AI-powered procurement and commerce infrastructure to over 1,000 clients across 3,000 outlets in Saudi Arabia, Kuwait, and the UAE. The company, formerly known as COFE App, recently completed a pre-IPO funding round at a valuation of US$178 million, signaling its preparation for a potential public listing by 2029.\n\nPhoenix Venture Partners founder and CEO Steve Khayat joined COFE Tech's board of directors as part of the investment, reinforcing the company's expansion, corporate governance, and preparations for a potential IPO. The investment round was not disclosed, but PVP's involvement signifies its continued confidence in COFE Tech's vision to redefine procurement, commerce, and enterprise enablement through technology.\n\nCOFE Tech's CEO, Ali Al-Ebrahim, expressed gratitude for Steve Khayat's continued support since the early days of the company and highlighted the strategic importance of PVP's expertise in scaling the business and navigating pre-IPO readiness. The company's co-investors, including KSH Investments LLC, further underscored their belief in COFE Tech's growth trajectory and its contribution to strengthening the UAE's position as a global hub for innovation and the new economy.",
  "summary": "Saudi Arabia-HQ enterprise technology company COFE Tech has secured an undisclosed investment from Abu Dhabi-based Phoenix Venture Partners (PVP), alongside co-investors including KSH Investments, the international investment platform of the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan. The investment was completed earlier in 2026. Founded in Kuwait in 2018 by Ali Al-Ebrahim, COFE…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}