Key Takeaways
- • Phoenix Venture Partners invests in COFE Tech, a Gulf-based intelligent procurement and commerce platform serving over 1,000 businesses, positioned as the "Salesforce of MENA" with agentic AI capabilities.
- • COFE Tech closed a pre-IPO funding round in September 2026 at a $178 million valuation, with plans for a targeted public listing by 2029.
- • Steve Khayat, Founder & CEO of Phoenix Venture Partners, joins COFE Tech's Board of Directors as PVP's representative, signaling the venture firm's active governance involvement and long-term commitment to the company's growth trajectory.
- • Founded in 2018, COFE Tech has positioned itself as a leading operator of AI-powered enterprise platforms in the region, with the investment marking a strategic partnership aimed at supporting institutional development and IPO readiness.
Summary
Phoenix Venture Partners Limited, an Abu Dhabi Global Market-based venture capital fund manager, has invested in COFE District LLC (COFE Tech), a leading provider of intelligent procurement and commerce infrastructure across the Gulf region. The investment, completed earlier in 2026, underscores PVP's conviction in COFE Tech's vision to transform enterprise procurement and commerce through advanced technology solutions. COFE Tech operates agentic AI-powered platforms serving more than 1,000 businesses and has earned the regional designation as the "Salesforce of MENA" for its enterprise software positioning.
The timing of PVP's investment aligns with COFE Tech's transition into its next growth phase. Earlier in September 2026, the company closed a pre-IPO funding round that valued the enterprise at $178 million, setting the stage for a targeted public listing by 2029. This pre-IPO round was led by Aramco's Wa'ed Ventures alongside other institutional investors including Aditum, Masarrah, and Alyasra, reflecting strong institutional backing for the company's trajectory toward the public markets.
As part of the partnership, Steve Khayat, Founder and CEO of Phoenix Venture Partners, has joined COFE Tech's Board of Directors as PVP's representative. This board appointment signals PVP's active engagement in governance and institutional development, extending beyond financial participation to direct oversight of the company's long-term strategy and operational maturity. COFE Tech, founded in 2018 and formerly known as COFE App, has evolved into one of the region's most prominent agentic enterprise platform operators, positioning it as a compelling investment opportunity within the Gulf's rapidly expanding technology sector.
The timing of PVP's investment aligns with COFE Tech's transition into its next growth phase. Earlier in September 2026, the company closed a pre-IPO funding round that valued the enterprise at $178 million, setting the stage for a targeted public listing by 2029. This pre-IPO round was led by Aramco's Wa'ed Ventures alongside other institutional investors including Aditum, Masarrah, and Alyasra, reflecting strong institutional backing for the company's trajectory toward the public markets.
As part of the partnership, Steve Khayat, Founder and CEO of Phoenix Venture Partners, has joined COFE Tech's Board of Directors as PVP's representative. This board appointment signals PVP's active engagement in governance and institutional development, extending beyond financial participation to direct oversight of the company's long-term strategy and operational maturity. COFE Tech, founded in 2018 and formerly known as COFE App, has evolved into one of the region's most prominent agentic enterprise platform operators, positioning it as a compelling investment opportunity within the Gulf's rapidly expanding technology sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.