- Premium Content It takes our newsroom weeks - if not months - to investigate and produce stories for our premium content. You can’t find them anywhere else.
Deepti Sri · · 2 min readExclusive: Rocket Internet-backed Flash Coffee bags $33m in first series B tranche
Rocket Internet-backed Flash Coffee has raised US$32.8 million in the first close of its series B funding round, the company’s founder and CEO David Brunier told Tech in Asia. However, details of the lead investor in the round remain undisclosed.
Other investors in the round include Delivery Hero, Columbus Holding International, White Star Capital, Conny & Co, DX Ventures, and Al-Dhow Engineering General Trading & Contracting, according to Flash Coffee’s regulatory filings.
Photo credit: Flash Coffee
Currently, the company is in the final stages of hitting the second close of its series B round.
Founded by ex-Foodpanda chief marketing officer David Brunier and former Bain & Company executive Sebastian Hannecker in 2020, Flash Coffee offers premium coffee at prices more than 50% lower than Starbucks.
Compared with other coffee startups like Luckin Coffee and Kopi Kenangan, which often focus on one market, the Rocket Internet-backed firm has aimed to be a regional player since its launch. It now operates in Indonesia, Singapore, Hong Kong, South Korea, Japan, Thailand, and Taiwan. It plans to expand into the Philippines, Malaysia, and Vietnam by this year.
In 2020, when Flash Coffee last revealed its financial statements, the company recorded a loss of US$2.2 million while posting revenue of nearly US$247,000.
From early 2021 to August 2021, Flash Coffee opened 90 new coffee outlets. The company targets an additional 350 new stores across Asia by the end of 2022.
See also: Fore Coffee brews its way to profitability
In April 2021, Flash Coffee landed US$15 million in a series A round led by White Star Capital. DX Ventures, Global Founders Capital, and Conny & Co also participated in the round, boosting Flash Coffee’s total funds raised to US$20 million at the time.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay ahead in Asia’s tech landscape
This is premium content. Subscribe to read the full story.
Currently, the Singapore-based coffee firm is in the final stages of hitting the second close of its series B round.
We know this is not ideal. ⌛ Sign up in 20 seconds. Cancel anytime.
Our subscriber community includes professionals from these companies:
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
