Singapore – Tech-enabled coffee chain Flash Coffee has announced its exit from the Singaporean market, closing all of its 11 local chains.
In a statement to MARKETECH APAC, a spokesperson for Flash Coffee said that the closure of its Singaporean presence was to focus more on its more promising markets.
“To facilitate this renewed focus, we have ceased operations in Singapore today, comprising 11 stores out of our ~200 global stores. This decision wasn’t made lightly, especially as we have nothing but love for our team and our customers in Singapore,” they stated.
Moreover, despite said exit, the company said that they will remain firm in their mission to serve up coffee across Asia and likely some additional markets in the medium term, and stay committed to scaling their business sustainably in the long term.
“Most of our markets have demonstrated tremendous traction on top of a healthy foundation and show strong unit economics and future growth potential, with some of the markets nearing EBITDA break-even in the coming months already,” they added.
Flash Coffee also assured that the well-being and future of their employees remains their utmost priority. They have also extended our deepest gratitude to their dedicated customers in Singapore.
“Your trust, love, and support for Flash Coffee have given us the opportunity to serve up millions of high-quality brews,” they concluded.
Flash Coffee recently completed its Series B financing round back in May raising US$50m in funding. Back then, the company said it is doubling down its presence in Asia-Pacific, which also includes its target markets of Indonesia, Thailand, Hong Kong and South Korea.
