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Breaking News: Flash Coffee Closes All Outlets in Singapore
- Thread starter Leongsam
- Start date
NEWS
Keep up to date with our latest news.
FLASH COFFEE EXTENDS SERIES B ROUND TO US$50 MILLION
News fundraising, series-b
Singapore, 11 May 2023 – 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. Existing investors including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round – with several of them further increasing their stake in the company.
The new funds will be channelled towards accelerating the company’s mission to achieve group-level profitability. This includes sustainably growing its footprint across the Asia Pacific region to serve high-quality specialty coffee to customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores.
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 July 2023.
“We are grateful to have the continued backing of our shareholders in this financing round. 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. Offering a product that people love and following our ongoing trajectory of topline and profitability improvements, we are confident that we will reach our overarching goal of being profitable on a group level next year,” said David Brunier, Founder & CEO of Flash Coffee.
“We are proud to further strengthen our investment in Flash Coffee, which has demonstrated impressive growth in a very short period of time. We stand by the company’s mission to broaden access to premium coffee for consumers across Asia using the power of technology, and believe that the brand has resonated strongly with its audience. Flash Coffee is well-positioned to become a leading coffee chain in the region, and we look forward to continuing working closely with the team to support their continued growth and progress towards profitability,” said Joe Wei, General Partner of White Star Capital.
About Flash Coffee
Flash Coffee is a tech-enabled coffee chain that serves a menu of high-quality drinks curated by award-winning World Barista Champions across Asia. Customers can use the Flash Coffee app (download here) to order and pay online, choose to pick up orders from one of the brand’s iconic yellow storefronts, or order for delivery through the app or major delivery platforms in each market.
Launched in 2020, Flash Coffee now operates over 200 stores in five markets across Asia Pacific – Singapore, Indonesia, Thailand, Hong Kong, and South Korea. Flash Coffee is backed by some of the most reputable global tech investors such as White Star Capital, Rocket Internet, Global Founders Capital, Conny & Co as well as strong strategic investors such as Delivery Hero and Geschwister Oetker Beteiligungen.
Follow us on LinkedIn for the latest company updates.
About White Star Capital
White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious, international businesses. Operating out of London, New York, Paris, Montreal, Toronto, Tokyo, and Singapore. Our global presence, perspective, and people enable us to partner closely with our founders to help them scale internationally.
Media enquiries:
Aly Ang
PR & Communications Lead, APAC
It got toasted.
Not much customer. Only those located at office area has the business, I heard. Personally, I never buy a cup from them at all. Their coffee selection is not unique enough and uninteresting. They can't compete with starbucks and coffee bean plus those big brand bubble tea shop.
hahaha...
How about Tiong Cock Temasuck coffee?
After buying a semi-auto espresso machine, freshly roasted beans and a burr grinder, I've stopped going to all these overpriced and crappy cafe chains e.g. starbucks, coffee bean, arabica, flash, costa et al.
Dun dare to drink and eat anything from tiongland.
Many mall and restaurant lovers love Luckin Coffee. They have a 99 cents promotion, where you need to pay with their app or QR code.
Many outlets have been opened in the past year or so. I was surprised that there is a Luckin Coffee at Guoco Tower.
Guoco Tower, Luckin Coffee at 9:30
Kopi tiam all so can call tech co?NEWS
Keep up to date with our latest news.
FLASH COFFEE EXTENDS SERIES B ROUND TO US$50 MILLION
News fundraising, series-b
Singapore, 11 May 2023 – 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. Existing investors including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round – with several of them further increasing their stake in the company.
The new funds will be channelled towards accelerating the company’s mission to achieve group-level profitability. This includes sustainably growing its footprint across the Asia Pacific region to serve high-quality specialty coffee to customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores.
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 July 2023.
“We are grateful to have the continued backing of our shareholders in this financing round. 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. Offering a product that people love and following our ongoing trajectory of topline and profitability improvements, we are confident that we will reach our overarching goal of being profitable on a group level next year,” said David Brunier, Founder & CEO of Flash Coffee.
“We are proud to further strengthen our investment in Flash Coffee, which has demonstrated impressive growth in a very short period of time. We stand by the company’s mission to broaden access to premium coffee for consumers across Asia using the power of technology, and believe that the brand has resonated strongly with its audience. Flash Coffee is well-positioned to become a leading coffee chain in the region, and we look forward to continuing working closely with the team to support their continued growth and progress towards profitability,” said Joe Wei, General Partner of White Star Capital.
About Flash Coffee
Flash Coffee is a tech-enabled coffee chain that serves a menu of high-quality drinks curated by award-winning World Barista Champions across Asia. Customers can use the Flash Coffee app (download here) to order and pay online, choose to pick up orders from one of the brand’s iconic yellow storefronts, or order for delivery through the app or major delivery platforms in each market.
Launched in 2020, Flash Coffee now operates over 200 stores in five markets across Asia Pacific – Singapore, Indonesia, Thailand, Hong Kong, and South Korea. Flash Coffee is backed by some of the most reputable global tech investors such as White Star Capital, Rocket Internet, Global Founders Capital, Conny & Co as well as strong strategic investors such as Delivery Hero and Geschwister Oetker Beteiligungen.
Follow us on LinkedIn for the latest company updates.
About White Star Capital
White Star Capital is a global multi-stage technology investment platform that invests in exceptional entrepreneurs building ambitious, international businesses. Operating out of London, New York, Paris, Montreal, Toronto, Tokyo, and Singapore. Our global presence, perspective, and people enable us to partner closely with our founders to help them scale internationally.
Media enquiries:
Aly Ang
PR & Communications Lead, APAC
https://www.channelnewsasia.com/singapore/flash-coffee-outlets-closed-employees-strike-3843451
A collage showing a closed Flash Coffee outlet and a sign stating that employees were "on strike". (Photos: CNA/Javier Lim and Christopher Lim)
SINGAPORE: Flash Coffee has shut its Singapore operations to focus on other markets, the company told CNA on Friday (Oct 13) in response to queries about its business here.
The Singapore-based coffee chain had 11 outlets in Singapore, including one at Jurong Point where a sign on Thursday said employees were "on strike" over late salary payouts.
"Contrary to reports, our staff in Singapore are not on 'strike’," the company said.
"We ceased operations at our 11 stores and consequently, our baristas are not required to report to work."
Flash Coffee said that to build a profitable and sustainable business, it decided to "further consolidate our future efforts and to double down on our most promising markets".
"To facilitate this renewed focus, we ceased operations in Singapore yesterday, comprising 11 stores out of our (around) 200 global stores," it added.
A search on the Accounting and Corporate Regulatory Authority (ACRA) portal showed that the company's status was “in liquidation - creditors’ voluntary winding up”.
Launched in 2020, Flash Coffee, with its iconic yellow storefront, also operates in Asian markets such as Indonesia, Thailand and Hong Kong.
In 2021, it had almost 30 outlets in Singapore.
The closed Flash Coffee outlet at Jurong Point on Oct 13, 2023. (Photo: CNA/Syamil Sapari)
Flash Coffee said it is "proactively assisting" affected team members.
"Most of our Singapore head office staff have been offered roles in other markets or with our regional team. Additionally, we are actively trying to connect our baristas with opportunities in other coffee chains," it added.
CNA has contacted the Ministry of Manpower for comment.
ONLINE POSTS ABOUT EMPLOYEES "ON STRIKE"
News of closures emerged on Thursday when a TikTok video and photos posted on Google Maps showed a sign at Jurong Point that said: "In light of several late salary payouts, this outlet will be closed indefinitely.
"Your Flash baristas islandwide deserve a conducive work environment. We thank you for these memories. Till next time, goodbye."
The TikTok video has been viewed nearly 300,000 times and liked over 9,000 times.
Regular customer Christopher Lim, who used to buy coffee from the Jurong Point outlet twice a week, said he spotted the sign on Thursday and posted it on Google Maps. The sign was no longer there when CNA visited the outlet on Friday afternoon.
Flash Coffee's Jurong Point outlet has been closed since Wednesday, Oct 11, 2023. (Photo: Christopher Lim)
Mr Lim, a 29-year-old artificial intelligence engineer, said he first noticed that the outlet was closed on Wednesday but did not think much about it.
"When I suspected something was up, I checked their app, and it showed no available outlets to order from, which is odd because usually, they will list all outlets, even if they're outside operating hours," he said.
At Keppel Bay Tower, an office worker who gave his name only as Mr Soh said the outlet is usually open at lunchtime and he was surprised to see it closed on Friday.
Ms Zee, a barista at Dimbulah Coffee in the same building, said the Flash Coffee outlet has been closed since 9am on Wednesday, when an employee shut the store and left with her personal belongings. Ms Zee said the outlet usually closes at around 4.30pm.
A Flash Coffee outlet at Keppel Bay on Oct 13, 2023. (Photo: CNA/Javier Lim)
Meanwhile, posts on Flash Coffee Singapore's Instagram page have disappeared. The brand last posted on its Singapore Facebook page in March. Flash Coffee's Thailand, Hong Kong and Indonesia Instagram pages are still active.
Flash Coffee reportedly laid off employees across different markets, including Singapore, in November last year.
In May this year, the company announced that it had raised US$50 million (S$68 million) in a financing round led by White Star Capital.
At the time, it said the new funds would be used to reach group-level profitability.
"This includes sustainably growing its footprint across the Asia Pacific region to serve high-quality specialty coffee to customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores," it said then.
But earlier this month, DealStreetAsia reported that Flash Coffee was downsizing its operations.
Flash Coffee's spokesperson said most of its markets have "tremendous traction on top of a healthy foundation".
"We remain firm in our mission to serve up high-quality coffee across Asia and likely some additional markets in the medium term, and stay committed to scaling our business sustainably in the long term," the company said.
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Flash Coffee shuts all 11 Singapore outlets, denies reports that employees are 'on strike'
"Contrary to reports, our staff in Singapore are not on 'strike'," Flash Coffee said as it confirmed that it has shut Singapore operations.
A collage showing a closed Flash Coffee outlet and a sign stating that employees were "on strike". (Photos: CNA/Javier Lim and Christopher Lim)
SINGAPORE: Flash Coffee has shut its Singapore operations to focus on other markets, the company told CNA on Friday (Oct 13) in response to queries about its business here.
The Singapore-based coffee chain had 11 outlets in Singapore, including one at Jurong Point where a sign on Thursday said employees were "on strike" over late salary payouts.
"Contrary to reports, our staff in Singapore are not on 'strike’," the company said.
"We ceased operations at our 11 stores and consequently, our baristas are not required to report to work."
Flash Coffee said that to build a profitable and sustainable business, it decided to "further consolidate our future efforts and to double down on our most promising markets".
"To facilitate this renewed focus, we ceased operations in Singapore yesterday, comprising 11 stores out of our (around) 200 global stores," it added.
A search on the Accounting and Corporate Regulatory Authority (ACRA) portal showed that the company's status was “in liquidation - creditors’ voluntary winding up”.
Launched in 2020, Flash Coffee, with its iconic yellow storefront, also operates in Asian markets such as Indonesia, Thailand and Hong Kong.
In 2021, it had almost 30 outlets in Singapore.
The closed Flash Coffee outlet at Jurong Point on Oct 13, 2023. (Photo: CNA/Syamil Sapari)
Flash Coffee said it is "proactively assisting" affected team members.
"Most of our Singapore head office staff have been offered roles in other markets or with our regional team. Additionally, we are actively trying to connect our baristas with opportunities in other coffee chains," it added.
CNA has contacted the Ministry of Manpower for comment.
ONLINE POSTS ABOUT EMPLOYEES "ON STRIKE"
News of closures emerged on Thursday when a TikTok video and photos posted on Google Maps showed a sign at Jurong Point that said: "In light of several late salary payouts, this outlet will be closed indefinitely.
"Your Flash baristas islandwide deserve a conducive work environment. We thank you for these memories. Till next time, goodbye."
The TikTok video has been viewed nearly 300,000 times and liked over 9,000 times.
Regular customer Christopher Lim, who used to buy coffee from the Jurong Point outlet twice a week, said he spotted the sign on Thursday and posted it on Google Maps. The sign was no longer there when CNA visited the outlet on Friday afternoon.
Flash Coffee's Jurong Point outlet has been closed since Wednesday, Oct 11, 2023. (Photo: Christopher Lim)
Mr Lim, a 29-year-old artificial intelligence engineer, said he first noticed that the outlet was closed on Wednesday but did not think much about it.
"When I suspected something was up, I checked their app, and it showed no available outlets to order from, which is odd because usually, they will list all outlets, even if they're outside operating hours," he said.
At Keppel Bay Tower, an office worker who gave his name only as Mr Soh said the outlet is usually open at lunchtime and he was surprised to see it closed on Friday.
Ms Zee, a barista at Dimbulah Coffee in the same building, said the Flash Coffee outlet has been closed since 9am on Wednesday, when an employee shut the store and left with her personal belongings. Ms Zee said the outlet usually closes at around 4.30pm.
A Flash Coffee outlet at Keppel Bay on Oct 13, 2023. (Photo: CNA/Javier Lim)
Meanwhile, posts on Flash Coffee Singapore's Instagram page have disappeared. The brand last posted on its Singapore Facebook page in March. Flash Coffee's Thailand, Hong Kong and Indonesia Instagram pages are still active.
Flash Coffee reportedly laid off employees across different markets, including Singapore, in November last year.
In May this year, the company announced that it had raised US$50 million (S$68 million) in a financing round led by White Star Capital.
At the time, it said the new funds would be used to reach group-level profitability.
"This includes sustainably growing its footprint across the Asia Pacific region to serve high-quality specialty coffee to customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores," it said then.
But earlier this month, DealStreetAsia reported that Flash Coffee was downsizing its operations.
Flash Coffee's spokesperson said most of its markets have "tremendous traction on top of a healthy foundation".
"We remain firm in our mission to serve up high-quality coffee across Asia and likely some additional markets in the medium term, and stay committed to scaling our business sustainably in the long term," the company said.
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