Singapore-based Flash Coffee raises US$15M Series A to fuel Asia expansion
SINGAPORE – 7 April 2021 – Flash Coffee, a tech-enabled coffee chain backed by Rocket Internet announced that it has raised US$15 million in Series A funding in a round led by White Star Capital, with participation from prominent investors including Delivery Hero-backed DX Ventures, Global Founders Capital, and Conny & Co. The Series A round sets the total capital raised by Flash Coffee to US$20 million. The new funding will be used to expand the brand in 10 markets across APAC.
Flash Coffee launched in January 2020, and now operates 50 locations across Singapore, Thailand, and Indonesia. Flash Coffee has enjoyed strong traction in its markets despite the pandemic; with the majority of its stores already achieving profitability and demonstrating the success of its business model.
Currently Flash Coffee is opening three new outlets per week, an already ambitious pace that will be tripled to 10 store launches per week in order to open 300 additional stores across the region by end of this year.
CEO David Brunier and COO & CFO Sebastian Hannecker co-founded the company to make premium coffee accessible to Asia’s rising middle class. Brunier’s experience as foodpanda CMO and Hannecker’s Bain Consulting pedigree have informed Flash Coffee’s disruptive grab-and-go business model, allowing for significant cost savings to be passed on to customers.
“Our dream is to have a Flash Coffee every 500 metres in all major Asian cities”, says Brunier. “Strong investor support for our Series A round enables us to harness untapped potential in the region and replicate our success in seven new markets this year: Hong Kong, Taiwan, South Korea, Japan, Malaysia, the Philippines, and Vietnam. We will also build a regional HQ in Singapore and expand our regional tech hub in Jakarta to 50 people to support our vision of fully leveraging technology to improve customer experience, proactively drive growth and significantly increase operational efficiency.”
Eric Martineau-Fortin, Founder & Managing Partner at White Star Capital, says, “We are pleased to support Flash Coffee in bringing its experience to millions of consumers across Asia. We believe that the brand’s tech- enabled approach will drive its ability to provide high quality coffee and service at excellent value to address an underserved demand for affordable premium coffee in these rapidly expanding Asian markets.”
Brendon Blacker, Partner at DX Ventures, says, “DX Ventures is very excited to support Flash Coffee in its Series A round and significantly increase our investment in the company. We see enormous potential for the business to attract a loyal customer following for its premium quality and highly innovative coffee menu. We look forward to supporting Flash Coffee with its rapid regional expansion plans.”
The company aims to digitise today’s offline-dominated coffee industry with a newly launched consumer app that boasts a streamlined pick-up feature, sophisticated loyalty programme, personalised promotions and interactive challenges. Its dedicated barista app improves the operational efficiency of its stores and enables performance-based incentives for its baristas, ensuring an unparalleled customer experience.
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About Flash Coffee Flash Coffee is a Singapore-based tech-enabled coffee chain that serves an award-winning menu of high-quality drinks at affordable prices. Customers can use the Flash Coffee app to order and pay online, choosing to pick up orders from one of the brand’s iconic yellow storefronts, or order for delivery through major platforms in each market. Flash Coffee’s unique coffee menu curated by World Latte Art Champion Arnon Thitiprasert sets it apart from conventional cafes and quick service brands. All drinks are prepared with premium ingredients and 100% Arabica coffee beans. Highly addictive signature drinks include Avo Latte, Nutella Latte and Lychee Espresso Soda, to name a few.
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About White Star Capital White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious, international businesses. Operating out of Guernsey, New York, London, Paris, Montreal, Toronto, Tokyo and Hong Kong, our presence, perspective, and people enable us to partner closely with our Founders to help them scale internationally from Series A onwards.
Media Contacts: Flash Coffee, [email protected] |