Flash Coffee, a tech-enabled coffee chain backed by Rocket Internet, has raised US$15 million in Series A funding, which will be used to expand the brand in 10 markets across the Asia-Pacific.
Launched in January 2020, Flash Coffee now operates 50 locations across Singapore, Thailand, and Indonesia. The chain 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.
“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 headquarters 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.”
The Series A round sets the total capital raised by Flash Coffee to US$20 million. The funding
in a round led by White Star Capital led the funding round, with participation from prominent investors including Delivery Hero-backed DX Ventures, Global Founders Capital, and Conny & Co.
“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,” says Eric Martineau-Fortin, Founder & Managing Partner at White Star Capital.
Flash Coffee aims to digitise today’s offline-dominated coffee industry with a newly launched consumer app that boasts a streamlined pick-up feature, sophisticated loyalty program, 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. World Latte Art Champion Arnon Thitiprasert has curated the chain’s coffee menu.
“DX Ventures is very excited to support Flash Coffee in its Series A round and significantly increase our investment in the company,” says Brendon Blacker, Partner at DX Ventures.
“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.”
Image: Flash Coffee