Singapore-based tech-enabled coffee chain Flash Coffee has announced the successful completion of its Series B financing round led by White Star Capital, raising a total of US$50 million following its latest closing.
Flash Coffee has experienced exponential growth over the past two years, with a 23-fold increase in year-on-year revenue in 2021, followed by another four-fold year-on-year increase in 2022 while achieving more than 100 percentage points year-on-year EBITDA improvement on a group level in the same year. With stores being solidly profitable across the region, the company is on track to reach group level profitability in 2024, with the first markets set to become EBITDA positive in the coming months. Flash Coffee will continue expanding deeper into its most mature market, Indonesia, where the fast-growing middle class is rapidly driving coffee consumption in Southeast Asia’s most populous country. Following the company’s successful entry into Bandung - its first expansion outside of a capital city - with 11 outlets across the metropolitan area of over 8.8 million inhabitants, Flash Coffee will be officially launching in the vibrant city of Surabaya in June 2023.
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