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As someone old enough to recall a time when there was no such thing as bubble tea in Singapore, I vaguely remember it first appearing in the early 2000s.
At the time, there was a distinctly “mom and pop” vibe to it all – it was mainly being sold by small neighborhood stalls, and even the larger franchises (Each A Cup and Sweet Talk were the only players then) felt like small, hyperlocal businesses.
Fast forward to today, and every shopping mall is guaranteed to have at least two competing brands. We even have people building their whole personalities around bubble tea (yes, I woke up and chose violence).
Apparently, the drink is an even bigger deal in Indonesia – a Momentum Works report says that the bubble tea market is worth US$1.6 billion in the archipelago.
That’s the size of the pie that beverage brand Haus is trying to get a piece of, and it wants to raise US$20 million to do so. Read on to find out more.
Today we look at:
- Haus’ efforts to raise a US$20 million series B round
- A Singapore-based AI tech firm closing a US$2.6 million series A fundraise
- Other newsy highlights such as Kopi Kenangan opening its first store outside of Indonesia and the sunny days ahead for Vietnam’s economy
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Building a bigger Haus
Image credit: Timmy Loen
I’ve written before about how living in Singapore sometimes gives me a warped understanding of the total addressable markets of other countries in Southeast Asia. That’s why it’s hard for me to see the likes of bubble tea chains Gong Cha and Koi being a part of a billion-dollar vertical, no matter how popular they are.
Of course, I’ve certainly been proven wrong. It blew my mind to know that the bubble tea market in Indonesia is worth US$1.6 billion.
Compared to that amount, US$20 million almost feels quaint. Well, that’s what Indonesia-based beverage brand Haus is looking to raise to fuel its expansion efforts.
I see fresh funding
Secure hypergrowth success through data and AI scalability
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