Turn Capital, the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua, has acquired the Thai business of the tech-enabled coffee chain Flash Coffee, a source privy to the development told e27.
The transaction details are not known.
Turn Capital plans to expand Flash Coffee’s presence across Thailand, with a plan to open more than 100 new stores in the next two years, as per a statement. This will bring the total number of locations in the country to over 200.
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Launched in 2020, Flash Coffee serves a menu of quality drinks curated by World Barista Champions across Asia. Customers can use the Flash Coffee app to order and pay online, choose to pick up orders from one of its yellow storefronts, or order for delivery through the app or major delivery platforms in each market.
The coffee chain operates over 200 stores in four markets across Asia Pacific — Indonesia, Thailand, Hong Kong, and South Korea.
Last month, it was reported that the company shut down all 11 stores across Singapore to “further consolidate” future efforts on fewer markets as it aims to build a profitable and sustainable business.
In May this year, Flash Coffee announced the completion of its US$50 million Series B financing round led by White Star Capital. Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the round.
Turn Capital invests in consumer, technology, media and telecom companies across Asia. The firm typically acquires controlling stakes, which allows its team of experienced operators and investors to take a hands-on approach to each investment.
According to Shang Koo, Partner of Turn Capital, the invest will partner with Flash Coffee’s management team to bring the tech-driven brand to profitability and grow the company over the next few years.
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Turn Capital was launched in 2020 by Joseph Phua, former CEO of 17LIVE, where he built the business from US$2 million annual revenue to over US$400 million in annual revenues, and a market leader in Japan and Taiwan. He ran Turn Capital’s unique investment strategy and controlled a portfolio of companies in the technology and consumer sectors with a combined valuation of over US$1 billion.
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Image Credit: Flash Coffee.
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