The Singapore-based tech-enabled coffee chain Flash Coffee has announced the successful closing of its most recent $50 million Series B financing round, which was led by White Star Capital.
Several of the company’s current investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co., increased their stakes in the business, according to a statement released by Flash Coffee.
The new funds, according to the statement, will be used to advance the company’s goal of achieving group-level profitability.
This entails sustainingly expanding its presence throughout the Asia Pacific region to serve premium specialty coffee to clients in Singapore, Indonesia, Thailand, Hong Kong, and South Korea, doubling down on technological and product innovation, and enhancing the sales performance of current stores.
A 23-fold increase in revenue year over year in 2021 was followed by a four-fold increase in revenue year over year in 2022, according to Flash Coffee, who also claimed that the company had improved its earnings before interest, taxes, depreciation, and amortization (EBITDA) by more than 100 percentage points year over year in the same year.
The company is on track to achieve group level profitability in 2024, with the first markets expected to become EBITDA positive in the upcoming months, thanks to stores being consistently profitable across the region.
Flash Coffee announced that it would continue to penetrate Indonesia, its most developed market, where the country’s rapidly expanding middle class is boosting the region’s most populous nation’s coffee consumption.
Flash Coffee will formally debut in the dynamic city of Surabaya in July 2023, following the company’s successful entry into Bandung, its first expansion outside of a capital city, with 11 outlets across the metropolitan area of more than 8.8 million residents.
“We are grateful to have the continued backing of our shareholders in this financing round. With 100 percent 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 and Chief Executive Officer of Flash Coffee.
In Asia, award-winning World Barista Champions have created a menu of premium beverages for the tech-enabled coffee chain Flash Coffee.
To order and pay online, pick up orders from one of the company’s distinctive yellow storefronts, or have their orders delivered, customers can use the Flash Coffee app (available for download here).
Flash Coffee, which debuted in 2020, now has over 200 locations across five Asia Pacific markets: Singapore, Indonesia, Thailand, Hong Kong, and South Korea.
