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.