COFE acquires Saudi Arabia's Kaffeen
- UAE-based online coffee marketplace COFE App has acquired Saudi Arabian app Kaffeen, as it looks to fuel its regional expansion.
- Kaffeen, founded in 2018 by brothers Hassan and Hashem Aljawad, delivers coffee to its users across the Kingdom.
- This latest acquisition by COFE comes only two months after it acquired UAE-based Sippybeans.
- In August, COFE secured $10 million in funding from Al Imtiaz Investment Group.
Source: The National News
UAE-based online coffee marketplace Cofe App has acquired Saudi Arabian app Kaffeen for an undisclosed sum in a move to consolidate its presence across the region, it said on Wednesday.
Kaffeen, founded in 2018 by brothers Hassan and Hashem Aljawad in Saudi Arabia, allows users to order coffee online and pick it up or have it delivered.
The deal allows Cofe to strengthen its e-commerce operations while solidifying its presence in the kingdom, the company said.
"We want to work with people who have the vision to change the way people access their coffee worldwide," said Cofe founder and chief executive Ali Al Ebrahim.
"With their [founders'] market expertise and experience on board, we are sure to reach out to even more coffee lovers across Saudi Arabia and beyond.”
Founded in 2018, Cofe is an online marketplace for coffee and all related accessories. The app allows users to order coffees, capsules, beans, coffee machines and associated products from shops or vendors hosted on its platform.
The company, which secured $10 million in funding last year, is planning to expand to new markets such as Turkey, Egypt and the UK. It also acquired UAE-based coffee marketplace Sippy Beans this year as it seeks to widen its offerings.
Cofe plans more acquisitions similar to Sippy Beans, Mr Al Ebrahim told The National last month.
The start-up this year won the backing of Abu Dhabi Investment Office and became part of its $545m Innovation Programme. After the investment, Cofe relocated its headquarters to Abu Dhabi.
"The acquisition of Kaffeen and Sippy Beans in the first quarter of 2022 are strong indicators that Cofe is looking to strengthen its reach within the region, before proceeding to expand first to Egypt and then overseas later this year," the start-up said on Wednesday.