Venture capital firm Turn Capital has acquired Flash Coffee’s business in Thailand, with a plan to open more than 100 new stores in the next two years. This will bring the total number of locations in the country to more than 200.
Flash Coffee operates across Asia, including locations in Indonesia, Thailand, Hong Kong and South Korea. Turn Capital, based in Singapore, invests in consumer, media, technology and telecom companies across Asia.
“We are impressed by what the team has built in Thailand, and are excited to play a major role in the company’s next growth phase,” says Shang Koo, Partner of Turn Capital.
“Turn Capital’s focus and expertise is 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.”
Flash Coffee was launched in 2020 and Turn Capital says it will leverage the coffee company’s brand, product innovation, and proprietary technology to expand the chain’s presence across Thailand.
Flash Coffee says the partnership with Turn Capital will help the company reach new heights.
“Turn Capital goes beyond providing funds – it involves harnessing operational expertise. “[We are] excited [that Turn Capital can help] spearhead our expansion endeavours, fortify our team, diversify our drinks and food offerings, and continue opening new stores,” says Vincent Hosman, Managing Director of Flash Coffee Thailand.
“We’re set to paint the streets of Thailand yellow, symbolising the spread of our commitment to amazing coffee at unbeatable prices.”