Singapore-based venture capital firm Turn Capital has acquired Flash Coffee’s business in Thailand, planning 100 new stores in the next two years.
The value and details of the deal have not yet been disclosed. However, the firm said it acquired controlling stakes, which “allows its team of experienced operators and investors to take a hands-on approach to each investment”.
Turn Capital said it aims to increase Flash Coffee’s store number in the country to more than 200 in the next two years. The tech-enabled coffee chain entered Thailand in 2020 with its first outlet opened in Bangkok.
“We are impressed by what the team has built in Thailand over the past years,” said Shang Koo, partner of Turn Capital.
“Turn Capital goes beyond providing funds; it involves harnessing operational expertise,” said Vincent Hosman, MD at Flash Coffee Thailand. “We’re set to paint the streets of Thailand yellow, symbolising the spread of our commitment to amazing coffee at unbeatable prices.”
Launched in 2020, Flash Coffee has about 200 stores across Asian markets, including Indonesia, Thailand, Hong Kong and South Korea. The coffee chain shut down all 11 stores in Singapore last month to “double down” on more promising markets, after raising $50 million in a Series B funding round led by White Star Capital in May.
It closed 10 stores in Taiwan and at least three in Hong Kong earlier this year.
