Singapore – Tech-enabled coffee chain Flash Coffee has announced that they have completed its Series B financing round, raising US$50m in funding. This will be used then to expand its footprint across the Asia-Pacific region to serve high-quality specialty coffee.
Flash Coffee aims to double down its current expansion in Singapore, Indonesia, Thailand, Hong Kong and South Korea, as well keeping updated on their own technology and product innovation and further developing the sales performance of existing stores.
The coffee chain will continue expanding deeper into its most mature market, Indonesia, where the fast-growing middle class is rapidly driving coffee consumption in Southeast Asia’s most populous country.
Following the company’s successful entry into Bandung – its first expansion outside of a capital city – with 11 outlets across the metropolitan area of over 8.8 million inhabitants, Flash Coffee will be officially launching in the vibrant city of Surabaya in July 2023.
The funding round was led by White Star Capital, with support from Delivery Hero, Geschwister Oetker, and Conny & Co.
David Brunier, founder and CEO of Flash Coffee, said, “We are grateful to have the continued backing of our shareholders in this financing round. With 100% 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.”
He added, “Offering a product that people love and following our ongoing trajectory of topline and profitability improvements, we are confident that we will reach our overarching goal of being profitable on a group level next year.”
