Turn Capital, a venture capital firm, has successfully acquired Flash Coffee, the Thailand business/franchise of a tech-enabled coffee chain headquartered in Singapore.
The financial specifics of the transaction were not disclosed by the companies.
Turn Capital has revealed its intentions to expand the coffee chain’s footprint in Thailand by opening over 100 new stores in the next two years.
Turn Capital partner Shang Koo said, “Flash Coffee is an exciting tech-enabled coffee brand and has been a source of delight for many coffee lovers across the region.
“We are impressed by what the team has built in Thailand over the past years and are excited to play a major role in the company’s next growth phase. Turn Capital’s focus and expertise is on the consumers, building digital-enabled and loyal consumer ecosystems by creating exciting products and services.
“We are excited to partner with Flash’s management team to bring the tech-driven Flash Coffee brand to profitability and to work with the young and energetic Thailand team to grow the company over the next few years.”
Founded in 2020, Flash Coffee presently runs over 200 stores spanning Indonesia, Thailand, Hong Kong, and South Korea.
Flash Coffee Thailand managing director Vincent Hosman said, “Turn Capital goes beyond providing funds; it involves harnessing operational expertise. We are excited to spearhead our expansion endeavours, fortify our team, diversify our drinks and food offerings and continue opening new stores.
“We’re set to paint the streets of Thailand yellow, symbolising the spread of our commitment to amazing coffee at unbeatable prices. The future looks bright for Flash Coffee Thailand.”
In May of this year, Flash Coffee secured $50 million in a Series B funding round, with White Star Capital taking the lead.
Participating in the funding round were investors like Delivery Hero, Geschwister Oetker, and Conny & Co, with a number of them choosing to augment their ownership in the company.
