COFE closes pre-IPO round at $178M valuation

Riyadh-based COFE Technologies announced during LEAP 2026 in Riyadh that it has completed a pre-IPO funding round valuing the company at USD 178 million. The company, formerly known as COFE App, now operates AI-based enterprise and commerce infrastructure serving more than 1,000 business customers across the Gulf.

The round, described in public reports as raising approximately USD 43 million, was co-led by Wa'ed Ventures, the venture capital arm of Aramco, and Aditum Investment Management. Masarrah Investment Company and Alyasra Foods also took part. At an exchange rate range of 3.75–3.8 SAR, the USD 178 million valuation implies a notional value of roughly 667–675 million ريال سعودي — a calculated approximation and not an officially disclosed figure.

COFE Technologies now positions itself as an "agentic AI enterprise" provider and an enterprise AI and B2B SaaS platform, focused on intelligent procurement and AI-powered commerce infrastructure rather than a pure consumer coffee-ordering marketplace. The company says it aims to list on the Saudi Exchange (Tadawul) by 2029, with this pre-IPO round serving as a step toward that goal.

The deal is part of the wider venture investment activity showcased at LEAP 2026 in Riyadh. For the community, the move reflects continued momentum in the Kingdom's technology and startup sector, and the growing role of Saudi capital markets as a destination for locally headquartered companies planning public listings.

Public information on the round does not disclose any specific government fees, prospectus dates, or detailed consumer pricing for COFE services in Saudi Arabia.

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