FLASH Coffee’s exit from Singapore comes amid an intense “tech winter”, with many venture-backed businesses putting a pause on expansion plans. However, fellow coffee purveyor Kopi Kenangan isn’t slowing down. After expanding to Singapore from Indonesia, the company now has a global franchising programme in the pipeline, its chief executive Edward Tirtanata told Daphne Yow. 

The programme could start as early as this quarter, with plans for at least five franchisees by next year. This marks a bold step for the startup, which directly owns all of its current outlets. The strategy is in line with how Kopi Kenangan does not want to be “just in five to six countries”, according to Tirtanata. It will be interesting to watch how the company balances rapid global expansion via a franchise model with maintaining standards and customer stickiness. 

There’s more buzz in the coffee world, with Kopi Kenangan’s co-founder James Prananto raising US$12 million for the first close of his maiden fund with investor Fandy Cendrajaya, under their venture capital firm Kopital Ventures. The VC has its origins as an informal group of angel investors called the Kopital Network. Even in the tech winter, there appears to still be healthy interest in early-stage deals.