Abu Dhabi-based venture capital fund manager Phoenix Venture Partners Limited (PVP) has invested in COFE Tech as the digital procurement and commerce company begins a new growth phase focused on a potential initial public offering by 2029.
COFE Tech closed a pre-IPO funding round earlier this month at a valuation of $178 million. The company said PVP’s investment is part of a strategic partnership to support its expansion and strengthen its corporate infrastructure ahead of a possible listing.
Steve Khayat, PVP’s founder and CEO, will join COFE Tech’s board as the fund’s representative. PVP said the move will support corporate governance and growth planning. The investment also included KSH Investments, the international investment platform of the private office of Sheikh Mohammed bin Khalid Al Nahyan, along with other investors from PVP’s Innovation Fund.
Founded in 2018 as COFE App, the company has expanded from consumer services into enterprise technology. Its business now includes Agentic Procurement, Agentic Commerce and direct-to-consumer e-commerce.
COFE Tech serves more than 1,000 companies across the Gulf through around 3,000 points of sale, with customers in sectors including aviation, hospitality, retail, food and beverage, healthcare and education. Its current strategy centres on using agentic AI to automate procurement and commerce operations.
Source: EntArabi
