Today, Singapore-based tech-enabled coffee chain Flash Coffee announced the successful completion of its Series B financing round led by White Star Capital, raising a total of US$50 million following its latest closing.
Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round – several of them further increased their stake in the company.
The new funds will be channelled towards accelerating the company’s mission to achieve group-level profitability. This includes sustainably growing its footprint across the Asia Pacific region, serving customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores.
Also Read: How this startup can help you enjoy coffee while saving the environment
Flash Coffee will continue expanding deeper into its most mature market Indonesia, where the fast-growing middle class is rapidly driving coffee consumption in Southeast Asia’s most populous country. Following the company’s successful entry into Bandung – its first expansion outside of a capital city – with 11 outlets across the metropolitan area of over 8.8 million inhabitants, Flash Coffee will officially launch in Surabaya in July 2023.
“We are grateful to have the continued backing of our shareholders in this financing round. With 100 per cent of our 92 stores in Indonesia being profitable, 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. Offering a product that people love and following our ongoing trajectory of topline and profitability improvements, we are confident that we will reach our overarching goal of being profitable on a group level next year,” said David Brunier, Founder & CEO of Flash Coffee.
In a statement, Flash Coffee said that it had experienced exponential growth over the past two years, with a 23-fold increase in year-on-year revenue in 2021, followed by another four-fold year-on-year increase in 2022 while achieving more than 100 percentage points year-on-year EBITDA improvement on a group level in the same year.
With stores being solidly profitable across the region, the company is on track to reach group-level profitability in 2024. The first markets are set to become EBITDA-positive in the coming months.
—
Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.
Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.
Image Credit: Flash Coffee
The post Flash Coffee extends Series B round to US$50M, aims to grow footprint across APAC appeared first on e27.