Kuwait Tech Hub gathers investments valued at $178 million

Kovee Technologies, formerly known as “Kovee App,” the operator of autonomous AI agents and provider of intelligent infrastructure solutions for procurement and commerce to more than 1,000 companies across the Gulf states, announced the completion of a funding round at a valuation of $178 million, paving the way for an initial public offering. The round was led by Waad Ventures, the venture arm of Saudi Aramco, and participated in by Aditya Capital Management, the regional partner for major financial institutions such as BlackRock, Masera Investment, and Al Yassra Foods. The total amount raised by the company was $43 million.

The funding was announced during the International Technology Conference LEAP 2026. This investment places Kovee Technologies, 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 development, Ali Al-Ibrahim, Founder and CEO of Kovee Technologies, said: “We are providing businesses with a unified intelligent system where AI agents autonomously monitor procurement, sales, and inventory management. This empowers companies to manage these operations with greater efficiency and integration, enhances the customer experience, and aligns technology more closely with the daily needs of businesses, thereby contributing more effectively to their growth.”

The investment by Waad Ventures, Aditya Capital Management, Masera Investment, and Al Yassra Foods reflects 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 there, to continue our disciplined growth and expansion in the Middle East and North Africa markets.