The value-focused coffee chain, which caps beverage prices at $1.80, is seeking to make premium coffee more accessible across the Philippines
Pickup Coffee offers espresso-based beverages from $0.90 and has a ceiling price of $1.80 | Photo credit: Pickup Coffee
Filipino coffee chain Pickup Coffee has raised $26.7m in Series A1 funding according to VentureCap Insights, which tracks regulatory filings in Singapore.
The funding round was led by Indonesia’s Go Ventures, which invested $12.7m. Other investors include Singapore-based Openspace Ventures and Filipino-based Kickstart Ventures, which contributed approximately $3m each.
The funding round has boosted Pickup Coffee's value to to $119.5m, according to the report.
Launched by Jaime González Fernández and Martin Diego Lorenzo in March 2022, Pickup Coffee promotes itself as seeking to make high-quality coffee more accessible across the Philippines.
Citing the average cost of premium coffee in the country at ₱150 ($2.70), Pickup Coffee offers espresso-based beverages from ₱50 ($0.90) and has a ceiling price of ₱100 ($1.80).
The coffee chain opened its first physical store in Bonifacio Global City in June 2022 and now operates from 50 locations, comprising coffee carts, cloud kitchens and a few small-format stores, across Manila and Cebu.
Pickup Coffee beverages are available for delivery, via the GrabFood and Foodpanda platforms, and the coffee chain is set to launch an app this year to further boost mobile ordering capabilities.
World Coffee Portal research forecasts the Filipino branded coffee shop market will exceed 2,060 outlets by 2025.