Philippines’ budget coffee chain Pickup Coffee is seeking additional funding, issuing up to $8 million in convertible notes to Venturi Partners and new investor Antler, people familiar with the development told DealStreetAsia.
The equity fundraising could bring in an additional $20 to $40 million, and was reported to have closed a few months earlier.
Established in 2022 by Diego Lorenzo and Jamie Fernandez, Pickup Coffee began as a delivery-only coffee brand, which later shifted to a hybrid model by launching food-truck-style stalls. This format allowed the company to offer its drinks at lower prices than traditional coffee chains.
The cafe’s menu includes traditional coffee beverages, iced teas, hot chocolates, and specialty mixes like Ube Latte, Iced Pistachio Milk, and Avocado Latte.
Since its launch, the company has opened about 500 stores in the Philippines and expanded internationally, adding 50 outlets in Mexico.
DSA’s sources say the new capital is expected to support Pickup Coffee’s expansion plans, with the company focusing on strengthening operations in its existing markets.
