PICKUP COFFEE, a Philippine-based grab-and-go coffee startup that sells a cup of coffee for less than P100, has confirmed raising $40 million so far in its latest funding round anchored by Go-Ventures, an investment firm backed by Indonesia’s GoTo.
The startup, which was founded by Jaime Gonzales and Diego Lorenzo in 2022, said the Series A1 round also saw the participation of Singapore-based Venturi Partners, DSG Consumer Partners, Gentree Fund, Kickstart Ventures, and Antler.
According to regulatory filings accessed by DealStreetAsia and Tech In Asia, PICKUP COFFEE is also allotting Series A-2 shares worth $6.5 million to holders of simple agreement for future equity (SAFE), including Openspace Ventures, FJ Labs, Kickstart Ventures, Go-Ventures, Saison Capital, Foxmont Partners, and DSG Consumer Partners.
PICKUP COFFEE rose to popularity as it offers premium coffee at affordable prices. On its website, the company said its coffee prices start from P50 and nothing above P100.
For most coffee lovers, the pricing is a welcome move considering that most branded coffee shops in the Philippines sell a cup for P120 or higher.
PICKUP COFFEE rose to popularity as it offers premium coffee at affordable prices. On its website, the company said its coffee prices start from P50 and nothing above P100.
The coffee chain startup now has over 60 branches across the Philippines. It started as a delivery-only brand serving locations in Metro Manila. According to a source interviewed by The Independent Investor, PICKUP COFFEE is now cash-flow positive.
With the latest funding, the company plans to further expand around the country with a focus on “building a brand that Filipinos will love,” utilizing top celebrity endorsements and influencer marketing to build its brand. The Independent Investor also learned from a source that PICKUP COFFEE also plans to grow further into the mass market and potentially expand its product offering.
Last year, the startup raised $1 million in seed funding from global tech investors Tiger Global Management and Reshape Ventures and a host of angel investors.
PICKUP COFFEE is also launching its app soon to allow customers to book their orders online and then pick locations to pick the coffee up or have them delivered to their places.
The coffee chain startup’s funding comes less than a week after HR tech platform Sprout Solutions also announced raising $10.7 million in a Series B funding round led by US venture capital firm Cercano Management.