Tech-enabled coffee chain Flash Coffee announced Tuesday that Turn Capital has acquired its Thailand business/franchise to fuel further growth within the country.

Leveraging Flash Coffee’s brand, product innovation, and proprietary technology, Turn Capital will continue to expand the chain’s presence across Thailand, with a plan to open more than 100 new stores in the next two years bringing the total number of locations in the country to 200+, Flash Coffee said in a statement.

“Turn Capital goes beyond providing funds; it involves harnessing operational expertise. Excited to spearhead our expansion endeavors, fortify our team, diversify our drinks and food offerings, and continue opening new stores,

“We’re set to paint the streets of Thailand yellow, symbolizing the spread of our commitment to amazing coffee at unbeatable prices. The future looks bright for Flash Coffee Thailand,” said Vincent Hosman, Managing Director, Flash Coffee Thailand.

Launched in 2020, Flash Coffee is a tech-enabled coffee chain that serves a menu of high-quality drinks curated by award-winning World Barista Champions across Asia.

Customers can use the Flash Coffee app to order and pay online, choose to pick up orders from one of the brand’s iconic yellow storefronts, or order for delivery through the app or major delivery platforms in each market.

The chain now operates over 200 stores in four markets across Asia Pacific – Indonesia, Thailand, Hong Kong, and South Korea.

Flash Coffee is backed by global tech investors such as White Star Capital, Conny & Co as well as strategic investors such as Delivery Hero Ventures and Geschwister Oetker Beteiligungen.

“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,” said Shang Koo, Partner of Turn Capital.

According to him, 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,” he added.

Turn Capital, which invests in consumer, technology, media and telecom companies across Asia, has a strong record in accelerating companies on a path of growth and profitability, creating long-term value for all stakeholders in the process.

The firm typically acquires controlling stakes, which allows its team of experienced operators and investors to take a hands-on approach to each investment.

Turn Capital was launched in 2020 by Joseph Phua, former Chief Executive Officer of 17LIVE, where he built the business from $2 million annual revenue to over $400 million in annual revenues, and a market leader in Japan and Taiwan.

He ran Turn Capital’s unique investment strategy and controlled a portfolio of companies in the technology and consumer sectors with a combined valuation of over $1 billion.

In 2023, Shang Koo, former Chief Financial Officer of 17Live, and Kheng Lian Ho, Founder of Kollective Ventures and a former restructuring and insolvency lawyer, joined Phua to launch Turn Capital Opportunities Fund 1 to scale its strategy.

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