Can coffee perk up Indonesian tech?

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Hello reader,

As a remote worker, I spend a lot of time at coffee shops. And for a long time, my top choice was a popular American chain.

I wasn’t there for the taste – my usual order is an iced Americano. Rather, I was after the Wi-Fi, abundant power outlets, and inoffensive interior design.

Then, a year ago, I stopped going to that coffee chain.

Many people in Indonesia boycotted it for ideological reasons. Alas, my reason was more economical. I realized the absurdity of paying a premium for mediocre iced coffee from a foreign-owned chain, especially when my country is a major coffee producer.

Good thing, when it comes to homegrown coffee chains, I’m spoiled for choice these days. One of the many options I have is Fore Coffee, with over 200 outlets as of late 2024.

It had its IPO debut last week. Share prices have gone up more than 2x since, making it a rare bright spot in the doldrums of Indonesian tech.

But for Willson Cuaca, managing partner at East Ventures and chairman of Fore’s board, none of that is by accident – even if it means making some unconventional decisions.

Read on for the full story.

— Putra

THE BIG STORY

Fore Coffee team at IPO day / Photo credit: Fore Coffee

Fore Coffee defies IPO playbook in bid to revive Indonesian tech
The venture-built coffee chain has made unconventional choices, like a self-imposed 12-month lock-up period. Share prices have more than doubled since its IPO.

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