Flash Coffee closes $50m funding, targets profitability by 2024

Flash Coffee co-founders Sebastian Hannecker (left) and David Brunier / Photo credit: Flash Coffee

Rocket Internet-backed Flash Coffee has officially closed its series B round totaling US$50 million.

In a statement, the company said it would expand deeper into Indonesia, with plans to open a branch in Surabaya in July. It already has a presence in Jakarta and Bandung.

Funding details

• Funding amount: $50,000,000
• Lead investors: White Star Capital
• Other investors: Citadel International Holdings, Vulpes Ventures, Conny & Co., Delivery Hero, Geschwister Oetker, Al-Dhow, OurCrowd, DX Ventures
• Stage: Series B

“With 100% 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,” said David Brunier, founder and CEO of Flash Coffee.

The company will also use the fresh funds to accelerate its goal to achieve group-level profitability by 2024. It plans to double down on its tech and product innovation as well as improve the sales performance of existing stores.

Besides Indonesia, Flash Coffee also operates in Singapore, Hong Kong, South Korea, Thailand, and Taiwan.

Founded in 2020 by Brunier, who is an ex-Foodpanda chief marketing officer, and former Bain & Company executive Sebastian Hannecker, Flash Coffee offers premium coffee at more affordable prices – typically 50% lower than Starbucks.

The company said it has experienced 4x growth in year-on-year revenue in 2022 and a 23x increase in 2021.

Last November, it reportedly laid off employees across different markets.

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