PH-based coffee startup raises $40m at $130m valuation (update)

Photo credit: Pickup Coffee

Pickup Coffee, a coffee startup based in the Philippines, has raised US$40 million in new funding at a valuation of US$130 million, Tech in Asia has learned.

Prior to this injection of new capital, the valuation was only pegged at US$9.5 million, according to VentureCap Insights, which tracks regulatory filings in Singapore.

Filings show that Go Ventures led the round, pouring in at least US$12.7 million. Openspace Ventures and Kickstart Ventures also participated, investing around US$3.1 million and US$3 million in the company, respectively.

Other confirmed participating investors include Venturi Partners and Gentree Fund.

Co-founded by Jaime González Fernández and Martin Diego Lorenzo in March 2022, Pickup Coffee is focused on making premium beverages more accessible. Its products are priced between 50 pesos and 100 pesos (US$0.9 and US$1.8).

Its beverages are available via its own app, GrabFood and Foodpanda.

The Philippine coffee market, currently pegged at US$6.7 billion, is expected to grow annually by nearly 6% till 2025.

See also: Fore Coffee brews its way to profitability

Currency converted from Philippine peso to US dollar: US$1 = 55.2 pesos.

Note: Companies may raise debt, which isn’t reflected in regulatory filings unless it is converted to equity. As such, financial data from filings may not reflect the full picture.

Update (April 14, 12 p.m. SGT): This article was updated to include confirmation on the company’s funding and valuation.