“Kofi for Technology” Raises Investments Valued at $178 Million

Koveh Technology, formerly known as “Koveh App,” the leading operator of self-executing AI enterprises and a provider of smart procurement and commerce infrastructure solutions to more than 1,000 companies across the Gulf region, announced the completion of a funding round valued at $178 million, paving the way for an initial public offering. The round was led by Waad Ventures, Aramco’s venture investment arm in the Kingdom, and participated in by Aditum Investment Management, the regional partner of major financial institutions such as BlackRock, Masera Investment, and Al Yasra Food Company. The announcement was made at the LEAP 2026 Technology Conference.

This investment places Koveh Technology, nicknamed the “Salesforce of the Middle East and North Africa,” on track for a targeted listing on one of Saudi Arabia’s capital markets by 2029.

Commenting on the occasion, Ali Al-Ibrahim, CEO and Founder of Koveh Technology, said: “At Koveh, we provide businesses with a unified intelligent system where AI agents autonomously monitor procurement and sales, and manage inventory. This empowers companies to manage these operations with greater efficiency and integration, enhances the customer experience, and makes technology more aligned with daily business needs and more contributive to business development.”

The investment by Waad Ventures, Aditum Investment Management, Masera Investment, and Al Yasra Food Company reflects the confidence in our vision for the future of business software in the Gulf and supports our ambitions for the next phase. We look forward to building on our presence in Saudi Arabia, the UAE, and Kuwait, and on the foundations we have established in these markets, to continue our disciplined growth and expansion in the Middle East and North Africa.

Al-Ibrahim added: “Koveh’s journey began in Kuwait in 2018, from where we expanded into Gulf markets. Our business quickly grew to include Saudi Arabia and the UAE. The supportive business environment and innovation-driven ecosystems in these three countries played a crucial role in our progress, providing us with the necessary foundations for growth and enabling us to develop and scale our operations.”

He continued: “Today, Koveh’s experience embodies what can be achieved through the integration of national economic visions in the Gulf Cooperation Council (GCC) countries, and their shared commitment to embracing innovation and creating conditions that enable ambitious Gulf companies to grow and expand. The region’s AI ecosystem opens broader horizons for these companies to enhance their capabilities and strengthen their presence in regional markets—opportunities we are witnessing in our own experience and look forward to leveraging in the coming phase. We take this opportunity to express our sincere gratitude and appreciation to all our investors for their continued confidence in Koveh Technology’s vision and team, a confidence we cherish and value.”

The completion of Koveh Technology’s funding round was announced during the global tech event LEAP 2026 in Riyadh. Representing Koveh Technology were CEO and Founder Ali Al-Ibrahim and Co-Founder Hamad Muassir Al-Sayer, alongside representatives of the investing entities.