Singapore-based coffee chain Flash Coffee has completed its Series B financing round, raising USD 50 million. The funds will be channelled toward achieving group-level profitability and extending the chain’s footprint across Asia Pacific to Singapore, Indonesia, Thailand, Hong Kong, and South Korea.
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Led by White Star Capital, other existing investors including Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round, with several raising their stake in the company.
Flash Coffee has expanded rapidly in the past two years and says stores are “solidly profitable” across the region, anticipating group-level profitability by 2024.
The company plans to continue investing further into Southeast Asia’s most populous country, Indonesia, which Flash Coffee says is its most mature market and the site of a fast-growing middle class. Flash Coffee will open its next store in Indonesia in the city of Surabaya in July 2023.
“With 100 percent of our 92 stores in Indonesia being profitable, we have found a solid product market fit and are eager to expand our presence into additional cities in Indonesia to further drive sustainable growth,” said David Brunier, Flash Coffee’s founder and chief executive officer.
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Joe Wei, general partner at investor White Star Capital, remarked Flash Coffee “demonstrated impressive growth in a very short period of time.”
“We stand by the company’s mission to broaden access to premium coffee for consumers across Asia using the power of technology, and believe that the brand has resonated strongly with its audience. Flash Coffee is well-positioned to become a leading coffee chain in the region.”