Fore Coffee has expanded its branches to 144 outlets in Indonesia’s regions, covering Java, Sumatra, and Kalimantan in August 2023.
Heaptalk, Jakarta — Indonesia-based coffee chain startup Fore Coffee announced its first business expansion internationally in Bugis Junction, Singapore, which will be officially launched on November 9, 2023. Through this expansion move, Fore aims to target Singapore’s market potential at US$1.2 billion (around Rp19.6 trillion).
In response to this effort, The Chief Marketing Officer of Fore Coffee, Matthew Ardian, revealed this strategic move came from the company’s observation because his team perceived that society in Singapore is heavy coffee drinkers compared to Indonesia. Simultaneously, Fore Coffee also considers this country that owns a Merlion statue a promising market due to its position as a regional business hub.
Moreover, based on the company’s research with Redseer in June 2023, the Singapore coffee market is estimated to grow by 5% annually, attaining US$1.3 billion by 2027. The data also shows that Singaporeans consume around six to seven cups of coffee weekly.
The business expansion of Fore startup into Singapore will highlight its superior beverage products, spanning Aren Latte, Pandan Latte, and Butterscotch Sea-Salt Latte. According to the company, these creations have been carefully curated to align with local preferences.
“A premium coffee blend created with a deep understanding of the exclusive tastes of the people in Singapore, changing the local coffee landscape through an Indonesian lens. With an understanding of local preferences and a commitment to innovation, we are poised to thrive in the Singapore coffee landscape,” The Co-Founder and CEO of Foree Coffee, Vico Lomar, said.
The business journey of this coffee chain startup has touched its profitability as of 2021 in Indonesia. Despite the pandemic, this coffee brand has broadened its outlets in multiple cities throughout Indonesia, precisely in tier 2 and 3 cities. In its business outgrowth in the archipelago, Fore Startup expanded its branches to 144 outlets in Java, Sumatra, and Kalimantan in August 2023. The company has also started offering coffee and non-coffee drinks at reasonable prices.
Instead of targeting up to 200 stores this year in Indonesia, Ardian revealed that the company will augment the outlets of 5 stores in September – November 2023. He claimed that the coffee chain industry does not need additional outlets yet tends to strengthen its business model.
Previously, this coffee chain startup closed a Series A funding round as of April 2019, with additional funding worth US$1 million, complementing the funding raised in the previous round of US$8.5 million led by East Ventures and backed by SMDV, Pavilion Capital, Agaeti Ventures, and several angel investors.
