Flash Coffee has expanded its business in Bandung, Indonesia, with 11 outlets. Further, this startup plan to build more outlets in Surabaya in July 2023.
Heaptalk, Jakarta — A tech-enabled coffee chain startup based in Singapore, Flash Coffee, announced the latest funding in a Series B round worth US$50 million (Rp737 billion) led by US-based venture capital firm White Star Capital, with participation from its existing investors, spanning Delivery Hero, Geschwister Oetker, and Conny & Co.
The fresh injection will expedite the company’s mission of attaining business profitability at the group level and stimulate sustainable growth in Asia Pacific by serving premium quality coffee for its customers in Indonesia, Singapore, Thailand, Hong Kong, and South Korea. Flash Coffee also aims to climb its sales performance from its existing branches through its new business strategy.
“We appreciate the sustainable support from multiple shareholders in this investment round. With 100% business profitability from 92 outlets in Indonesia, Flash Coffee has discovered the target market adequately and is bound to broaden our enhancement sustainably. We have robust confidence to reach group-level profitability next year,” voiced the CEO and Co-Founder of Flash Coffe, David Brunier.
This Food and Beverage (F&B) startup has proven its business progress exponentially over the last two years, reaching a twenty-three-fold increase in 2021 and a fourfold enhancement in 2022. Also, according to the company, Flash Coffee has elevated its EBITDA by more than 100% YoY at the group level in a similar period.
With a solid outlet spread over numerous areas, Singapore’s Flash Coffee claimed its business model is on track to achieve group-level profits in 2024, targeting key markets to achieve positive EBITDA in the coming months.
Established in January 2022, Brunier, a former Foodpanda’s Chief Marketing Officer, founded Flash Coffee with Bain Consulting Executive Sebastian Hannecker. Prior to completing this latest funding round, the startup closed a Series A round at US$15 million in April 2021. The United States White Star Capital led this funding round, with participation from DX Ventures, Global Founders Capital, and Conny & Co.
Responding to this new funding round, the General Partner of White Star Capital, Joe Wei, delivered his enthusiasm for doubling the investment into Flash Coffee because the startup has demonstrated outstanding business improvement in a short time.
“Flash Coffee has a strong potential to be the leading player in the coffee chains in the Asia region. We look forward to continuing to partner with this company and boost its business evolution sustainably,” added Joe.
Regarding its further plan, this F&B startup will continue to stretch its business leap in the primary market in multiple Indonesian regions. Following its business expansion in Bandung, with more than 11 outlets, Flash Coffee will broaden its existence in Surabaya in July this year.
