The appointment comes as the speed-of-service and value-focused coffee chain seeks to stabilise the business following successive market exits over the last 12 months
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A Flash Coffee store in Kota Bintang, Indonesia | Photo credit: Flash Coffee
Singapore-based Flash Coffee has appointed former Foodpanda CEO Jakub Angele as Executive Chairman as it seeks a return to profitability.
Angele held the CEO role Singapore-based food delivery firm Foodpanda from January 2017-October 2023. The move sees him rejoin forces with Flash Coffee CEO David Brunier, who served as Foodpanda’s Chief Marketing Officer before founding tech-focused Flash Coffee in January 2020.
“I am very excited about what the future will hold for Flash Coffee. 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,” Angele said.
According to a Tech in Asia report, Angele will be tasked with returning Flash Coffee to profitability after a challenging last 12 months. In October 2023, Flash Coffee closed its 11 remaining stores in Singapore stating it was unable to continue operating because of its liabilities. The following month, the coffee chain sold its 82-store Thai business to investment firm Turn Capital.
After opening its first store in Indonesia in 2020, Flash Coffee rapidly expanded across Southeast Asia – opening 250 stores across Singapore, Thailand, Japan, Taiwan, Hong Kong and South Korea.
In May 2023, the coffee chain raised $50m in Series B funding to make its operations ‘solidly profitable’ and ‘sustainably grow’ its footprint in Indonesia – now Flash Coffee’s only market with 67 outlets.
Flash Coffee’s revenue per store in Indonesia has increased by over 50% since early 2024, according to a press release.