Singapore-headquartered tech-enabled coffee chain Flash Coffee has completed its Series B financing round led by White Star Capital, taking the funds raised to US$50 million from $32.8 million last June.
The second funding round was participated by existing investors, including Delivery Hero, Geschwister Oetker, and Conny & Co. The company said the funds will be used to fuel the chain’s expansion in Asia Pacific, double down on technology and product innovation, and improve sales performance in its existing stores.
Flash Coffee reported a 23-fold year-on-year increase in sales in 2021 and a four-fold year-on-year increase last year.
“The company is on track to reach group-level profitability in 2024, with the first markets set to become EBITDA positive in the coming months,” the company said in a statement.
Founder and CEO of the company, David Brunier, said in Indonesia, where the chain was founded, all of its 92 stores are profitable. Following the funding round, the company will continue to invest in the market, opening stores outside Indonesia’s capital city.
“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,” Brunier added.
“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,” said Joe Wei, general partner of White Star Capital.
Founded in 2020, Flash Coffee operates more than 200 stores in five markets: Singapore, Indonesia, Thailand, Hong Kong and South Korea which it entered in late 2021 with two stores in Seoul’s Gangnam district.
