JAKARTA, INDONESIA  - 31 August 2024 - Flash Coffee, the tech-enabled coffee chain, is excited to announce significant growth in Indonesia, the geographic focus for the company over the last half year, a new food and drink menu featuring exciting new products, and multiple new store openings planned across Jakarta and Bandung.

The expansion of its menu and physical locations highlights Flash Coffee's commitment to delivering exceptional coffee experiences in Indonesia, one of Southeast Asia's most promising economies with a growing appetite for quality coffee.

Flash Coffee now operates 67 stores in Indonesia and is progressing with further expansion across the market. Flash Coffee has increased its revenue per store by over 50% since early 2024 and reached operational profitability thanks to its new menu.

This impressive growth has been driven by the group's vision and decision to focus on the Indonesian market, following the closure of Flash Coffee in other Asian markets and the successful sale and transformation into a franchise of Flash Coffee in Thailand.

"We have been excited about Indonesia and its potential since we opened our very first Flash Coffee store in Jakarta in January 2020", said David Brunier, Founder and CEO of Flash Coffee. "Thanks to the support of our loyal customer base and our strategic refocus on Indonesia as the group's most mature market, we are now expanding our footprint in the country, with plans to add many new stores to our portfolio within the next 12 months. We're just getting started."

Each new store is designed to offer a unique coffee experience, featuring Flash Coffee's signature drinks like Seasalt Palm Sugar Latte or Whipped Strawberry Matcha, user-friendly digital ordering on its proprietary app, and its new larger store concept with welcoming sit-and-stay design encouraging customers to stay and socialise.

In addition to the continued commitment of Flash Coffee's founders Sebastian Hannecker and David Brunier, White Star Capital has appointed Jakob Angele, Venture Partner at White Star Capital and former CEO foodpanda, who was instrumental in growing foodpanda to USD5.5 billion transaction volume, to operationally support the growth of Flash Coffee leveraging his extensive expertise in F&B and the online food delivery industry.

"We're extremely pleased to see the recent changes and our hyper-focus on Indonesia to translate into tangible business success. I am very excited about what the future will hold for Flash Coffee," said Jakob Angele, Executive Chairman of Flash Coffee and Venture Partner at White Star Capital. "Indonesia is one of the most exciting and vibrant coffee markets worldwide. Flash Coffee is uniquely positioned to serve its growing demand for high-quality coffee."

About Flash Coffee

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.

After the company's restructuring in 2023, Flash Coffee's main focus is on Indonesia and franchising the brand in additional markets, following a successful franchise in Thailand. Flash Coffee is backed by White Star Capital as its largest shareholder.

The issuer is solely responsible for the content of this announcement.

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