Bahrain-based Dividend Gate Capital (DGC) has announced its backing for the Cofe app that promises to change global coffee consumption habits.
DGC is a limited liability company targeting investment opportunities in the GCC’s small and medium enterprise (SME) segment with a long-term view on international investment opportunities.
Khalid Al Hammadi, chief executive officer, DGC, said: “The Arab world created the coffee house culture which spread globally. We are now looking to evolution of coffee culture through Cofe.
“Forbes Magazine has highlighted Cofe as one of the Top 50 start-ups to watch in the Arab World,” he said.
“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,” he added.
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 officer 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 mobiles phones and everyone else’s as well, aiming to bring the coffee culture and technology together in one unified platform,” he said.
“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 our vendor’s revenue streams,” he added.
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 startups globally in 2018.
“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,” concluded Al Hammadi. – TradeArabia News Service
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