Launched in 2020, Flash Coffee opened at least 20 stores in Singapore and quickly expanded across Indonesia, Thailand, Hong Kong and South Korea. It raised US$50 million ($68.4 million) this May, on the back of a goal to reach profitability in 2024.
Flash Coffee, a grab-and-go coffee chain backed by Delivery Hero SE, has closed its stores in Singapore to curb costs as it works toward profitability.
The Singapore-based company filed a notice with local regulators this week, saying it’s unable to continue operating because of its liabilities. The chain, which has about 200 stores globally, will shutter all its 11 locations in the city-state, it said in a statement on Friday.
