Have we reached peak caffeine? After Flash Coffee left the Singapore market, what’s next for the coffee startups in the region?

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⚡ Gone in a Flash

Until September, everything seemed on track for Singapore-based coffee startup Flash Coffee. Earlier this year, they raised a $50M Series B and even reported a 4x YoY revenue growth in 2022. 

• But…they just all shut down 11 outlets in the country, completely leaving the market. 
• And worse, baristas were recorded on strike—although Flash denied this.

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⏪ Rewind

Launched in 2020, you can find Flash Coffee’s bright yellow stalls across Indonesia, Singapore, Hong Kong, and South Korea.

• Customers can purchase coffee in-store, through third-party apps like Grab or foodpanda, or through their very own Flash Coffee app. 
• And the drinks? Apart from your usual Americano, latte, and cappuccino, they’ve also got signature drinks like Lychee Espresso Soda and Avo Latte. 

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☕ Coffee time 

Their exit leaves more room for the coffee competition to brew. Why? Because some Indonesian coffee chains are expanding their bean empires!

• Fore Coffee and Kopi Kenangan just opened their first Singapore branch last month. 

Other coffeetech players? Indonesia’s JumpStart Coffee (raised a Series B last May) and the Philippines’ PickUp Coffee (raised a $40M Series A1). 

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🥲 What now? 

The Business Times shared that Flash Coffee reportedly owes SGD 14M ($10.2M) to more than 150 creditors. 

• Yikes. This includes two months’ worth of staff salaries and Central Provident Funds contributions, according to the report. 

Grass is greener in other countries? This isn’t the first time Flash Coffee exited a market—they previously left Japan and Taiwan in 2021. 

• After this, they’ll be doubling down on more promising markets.