Kufi for Technology Raises Investments Valued at $178 Million
“Kovee Technology,” formerly known as “Kovee App,” announced the completion of a funding round valued at $178 million, paving the way for an initial public offering. The round was led by Waved Ventures, the venture capital arm of Saudi Aramco in Saudi Arabia, and participated in by Aditya Investment Management Company, a regional partner of major financial institutions. This investment places Kovee Technology, dubbed the “Salesforce of the Middle East and North Africa,” on track for a targeted listing on a Saudi capital market by 2029.
Commenting on the occasion, Ali Al-Ibrahim, CEO and founder of Kovee Technology, said: “At Kovee, we provide companies with a unified intelligent system where AI agents autonomously monitor purchases and sales and manage inventory. This empowers them to manage these operations with greater efficiency and integration, enhances the customer experience, and makes technology more aligned with the daily needs of businesses and more contributive to their growth.”
For his part, Shahood Siddiqui, Chief Technology Officer at Kovee Technology, stated: “Kovee has developed an intelligent platform built on a unified technology architecture that integrates procurement and commerce systems. It gives companies the flexibility to start with a single solution and gradually expand to cover various aspects of their business without needing to change their existing systems. This model has proven its effectiveness in practice.”
Anas Al-Qahtani, CEO of Waved Ventures, said: “Kovee represents a model of technology companies from the Kingdom that possess the fundamentals for growth and expansion into regional and global markets. Waved Ventures’ investment is an extension of its role in supporting promising technology companies, providing the necessary capital and support to help them transition to more advanced stages of growth.”
Manoj Mahadev, Head of Investments at Aditya, noted: “Our participation in this round reflects our approach to identifying promising investment opportunities globally and in the Middle East and North Africa markets, leveraging Aditya Group’s presence in both the UAE and Saudi Arabia.”
Sonali Gulia, Head of Venture Capital at Aditya, added: “Kovee represents the type of opportunity targeted by Aditya’s Venture Capital Fund, combining disciplined expansion in key regional markets, growth in its corporate sector, and the development of governance frameworks that position the company for its next stage of growth.”
Dala Al-Mutairi, Board Member at Masera Investment Company, said: “Building companies capable of growth and sustainability requires long-term capital that supports their transition to more advanced stages of development. Kovee Technology has successfully launched from Kuwait and expanded, while simultaneously developing the scope of solutions it offers to the business sector.”
For his part, Yusuf Al-Faleej, Head of Real Estate and Projects at Al-Yasra, stated: “Our participation in this round is based on a firm conviction in the company’s growth fundamentals and the opportunities it provides for ambitious technology companies to build a strong foundation and expand from the region. The company’s track record since its inception has demonstrated clear capabilities for development and entry into new markets.”
The completion of Kovee’s funding round was announced during the LEAP 2026 conference in Riyadh, where the company was represented by CEO and founder Ali Al-Ibrahim, co-founder Hamad Al-Sayer, alongside representatives of the investing entities.
