| Thailand

Turn Capital acquires Flash Coffee’s business in Thailand

The venture capital firm will work to deliver profitability for Flash Coffee’s Thai business and plans to open 100 new stores by the end of 2025

A Flash Coffee store at Bangkok’s Interlink Tower | Photo credit: Flash Coffee


Venture capital firm Turn Capital has acquired Flash Coffee’s business in Thailand and announced plans to open more than 100 new stores in the southeast Asian country within two years. 

Singapore-based Turn Capital said it will leverage Flash Coffee’s value, speed and tech-focused business model across Thailand, where it currently has 82 stores. In a press release the business highlighted its experience in turning companies ‘back on their path to growth and profitability’.  

The terms of the deal have not been disclosed. However, Turn Capital’s previous investments have involved taking controlling stakes in consumer, technology and media businesses across Asia. 

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

“Turn Capital goes beyond providing funds; it involves harnessing operational expertise. Excited to spearhead our expansion endeavours, fortify our team, diversify our drinks and food offerings, and continue opening new stores,” added Vincent Hosman, Managing Director, Flash Coffee Thailand.

Founded in January 2020, Flash Coffee currently operates nearly 200 stores across Thailand, Indonesia, Hong Kong and South Korea. It opened its first outlet in Thailand in Bangkok in May 2020. 

The tech-enabled coffee chain raised $50m in Series B funding in May 2023, which it said would enable it to achieve group-level profitability in 2024 and ‘sustainably grow’ its footprint across existing markets. 

In October 2023, Flash Coffee closed its 11 remaining stores in Singapore after amassing significant debt.    

Founded in 2020 by Singaporean entrepreneur Joseph Phua, Turn Capital’s investment portfolio includes luxury furniture brand Theodore Alexander, podcast company SoundOn, Taiwanese news agency Next Apple and cryptocurrency business Coinomi. 

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