Venture capital company Turn Capital has acquired the Thailand business/franchise Flash Coffee, a Singapore-based tech-enabled coffee chain.
The companies did not divulge the financial details of the deal.
Turn Capital also announced plans to open more than 100 new stores over the next two years further to boost the coffee chain’s presence across Thailand.
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.”
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Flash Coffee was established in 2020 and currently operates more than 200 stores across 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 this year, Flash Coffee raised $50m in a Series B financing round, which was led by White Star Capital.
Investors such as Delivery Hero, Geschwister Oetker and Conny & Co participated in the funding round, with several of them further increasing their stake in the company.