Kafe Group outlets disappear without warning
F&B startup The Kafe Group has virtually disappeared six months after the departure of its founder/CEO.
Launched in 2013, the Vietnamese chain targeted young consumers with five brands: Mint Cupcake, The Burger Box, The Kafe, The Kafe Box and The Kafe Village.
The group received US$5.5 million from Cassia Investments in a Series A funding round in October 2015 to expand its network in Hanoi and Ho Chi Minh City, with the goal of listing in Hong Kong and London.
However, one year after the funding, founder Chi Anh Dao walked out, handing the group to a Hong Kong-based company, Kafe Hong Kong. Its capital was also raised from nearly VND245 billion (US$10.8 million) to VND236.8 billion.
In the ensuing six months, the group has had four different CEOs and has also closed outlets.
Then, without warning, all The Kafe stores in Hanoi and Ho Chi Minh City were shuttered this month, according to Vietnam media reports.
There has not been any official word from the Hong Kong company, leaving Vietnamese consumers wondering if the chain will be revived or not.