Bahrain-based Dividend Gate Capital (DGC) is backing the GCC’s next app sensation COFE to change global coffee consumption habits.
“The Arab world created the coffee house culture which spread globally. We are now looking to evolution of coffee culture through COFE,” said Khalid Al Hammadi, chief executive of DGC.
“Forbes magazine has highlighted COFE as one of the Top 50 start-ups to watch in the Arab World,” he added.
“The app which was conceptualised in Kuwait and developed in Silicon Valley, connects coffee house chains and independent coffee roasters with coffee lovers via a seamless, easy and efficient user-interface.”
The COFE App founded in the summer of 2017 has already attracted venture capital investment from around the Arab world. These include Dividend Gate Capital (Bahrain), Towell Holding International (Oman), a joint fund established by KFH Capital (Kuwait) with Cedar Mundi (Lebanon), KISP Ventures, Takamul Capital, Nizar AlNusif Sons Holding and Arab Investment Company (Kuwait).
COFE App founder and chief executive Ali Al Ebrahim said, “We are a group of coffee enthusiasts who – in the age of Tesla, Uber, and Airbnb – got frustrated with old-world ways of ordering coffee. So we set out to streamline the coffee ordering process and bring to our mobile phones and everyone else as well, aiming to bring the coffee culture and technology together in one unified platform. Today, we have a fast-growing state-of-the-art app that enables customers to order their favourite coffee from their favourite coffee house, and an app that has the potential to transform and grow vendors’ revenue streams.”
The development of the COFE App is set against a backdrop of an increase in global coffee consumption.
Over $600 million was invested in coffee-related start-ups globally in 2018 which included the high-profile acquisitions of Costa Coffee by Coca-Cola for $5.1 billion.
“Our Investment in COFE is part of DGC’s vision to ensure that capital from the GCC prioritises opportunities and entrepreneurial vision across the GCC,” said Mr Al Hammadi.
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