Pickup Coffee, a coffee startup headquartered in the Philippines, has secured US$40 million in fresh funding, with a valuation of US$130 million.
VentureCap Insights, a firm that monitors regulatory filings in Singapore, reported that prior to this latest capital infusion, Pickup Coffee was valued at only US$9.5 million.
According to filings, the funding round was led by Go Ventures, contributing a minimum of US$12.7 million. Openspace Ventures and Kickstart Ventures also took part in the round, investing approximately US$3.1 million and US$3 million, respectively.
Venturi Partners and Gentree Fund are among the verified investors who participated in the funding round.
Jaime González Fernández and Martin Diego Lorenzo Co-founded Pickup Coffee in March 2022 with the aim of providing greater accessibility to premium beverages. The company offers its products at a price range of 50 to 100 pesos (equivalent to US$0.9 to US$1.8).
Customers can order Pickup Coffee’s beverages through its proprietary app as well as through GrabFood and Foodpanda.
According to estimates, the Philippine coffee market is currently valued at US$6.7 billion, and is projected to register a compound annual growth rate of close to 6% until 2025.