East Ventures backs seed round for on-demand coffee startup Fore Coffee

Fore Coffee

Indonesian on-demand coffee startup Fore Coffee has raised an undisclosed amount of seed funding from early-stage investor East Ventures, according to an official statement.

The startup, which launched its operations in August, marks the third project incubated within East Ventures after EV Hive and Warung Pintar.

Fore Coffee is a specialty coffee startup that aims to deliver the finest coffee to its customer. The company currently operates its first store in Otten Coffee Jakarta shop, located in Senopati No 77, South Jakarta. It is set to open its second outlet in Plaza Indonesia in October and aims to open more branches in shopping malls and offices.

“We dream of the day where everyone has access to affordable specialty coffee close to them every day and we are excited that we are moving forward to that steadily,” said Fore Coffee CEO Robin Boe.

East Ventures will be hoping its new incubated product will perform as well as its predecessors EV Hive and Warung Pintar. Coworking space provider EV Hive recently raised $20 million in a series A funding round led by SoftBank Ventures Korea, in what the startup said was one of the largest Series A rounds in Indonesia to date.

Meanwhile, retail tech startup Warung Pintar recently raised another $4 million from big regional investors including two Temasek affiliates, Vertex Ventures and Pavilion Capital, as well as LINE Ventures, just six months after bagging a $4-million seed funding.

East Ventures managing partner Willson Cuaca believes that the popularity of food delivery services among Indonesians will make Fore Coffee a hit, similar to how the Chinese market has warmed up to a local startup Luckin Coffee. Luckin was reported to have become a unicorn after closing a Series A round earlier this year.

“The Indonesia tech ecosystem has been moving fast with a lot of innovations that have changed our daily life, particularly the way consumers get their food. It has changed in recent years with the innovation of food delivery services. It sparks a new hypothesis within us that we think we want to proof quickly. Can we serve a new demand with a new bottom-up startup design that sits on new innovation in Indonesia? In China, Luckin Coffee answers that question,” said Cuaca, who also acts as chairman of Fore Coffee.

Earlier this week, East Ventures announced a lead investment in loyalty service startup Member.id. Last week, it joined a $5-million pre-Series A funding for Singapore-based fintech startup Helicap. The VC firm was also reported to have injected seed capital in Indonesian solar development and asset management company Xurya.

Also Read: 

East Ventures leads pre-Series A round for loyalty service startup Member.id

Starbucks hopes coffee delivery partnership with Alibaba can perk up China sales

Indonesia’s Warung Pintar raises $4m in Vertex-backed round

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.