Fore Coffee Soon to Enter Regional Market, Starting from Singapore in Q4 2023
Having achieved positive EBITDA since Q3 2021, now the focus is on building a sustainable business that is environmentally friendly
After achieving positive EBITDA in Q3 2021 and being profitable, startup coffee chain ForeCoffee this year began to focus their business on the environment and sustainability.
Co-Founder & CEO of Fore Coffee Vico Lomar revealed that, unlike their outlets which were established in 2018, this year the company is starting to build an environmentally friendly concept. The company also conveyed their plans this year to expand to Singapore.
Attempting to run a business independently
As of August 2023, Fore has 144 outlets in Java, Sumatra and Kalimantan. The company also began to provide coffee and non-coffee drinks at affordable prices. In order to expand their service range, they plan to add one outlet in Singapore in Q4 this year.
Singapore was chosen as the first country in Southeast Asia they visited because of the country's position as a hub regional business. No further details regarding the location of their outlets will be established later.
Other players who are currently targeting countries in Southeast Asia for expansion and are already present in Malaysia and Singapore are Memories Coffee.
Alluded to what the company's strategy to balance growth and profitability, Vico said that thanks to the support of the team and of course customers to related parties, the company has achieved profitability so far. In the future, even though fundraising is still an option, in order for companies to run faster, efforts are made to be more independent.
"We try to bring something good that is responsible. And something that is affordable and doesn't need to be expensive is our responsibility as business people," said Vico.
Fore Coffee has closed series A pendanaan funding last April 2019, with an additional $1 million completing the previous round of $8,5 million. The funding was led by East Ventures. Also joining SMDV, Pavilion Capital, Agaeti Ventures, and several angel investors.
At the start of the pandemic, the company experienced problems with closure of several outlets. This step was taken by the company so that it can adapt to changes in the business situation during the pandemic, one of the initiatives is optimizing store services offline.
"Fore Coffee's ability to continue to survive and develop is a valuable achievement. Especially in this 5th year, Fore Coffee is realizing a historical and important business plan, so that this further strengthens Fore Coffee's position as brand provider of a range of quality drinks and snacks on the map of the Indonesian F&B industry," said Vico.
Focus on sustainable business
Indonesia, like many other countries, faces challenges related to waste management. To solve this problem, the company coffee chain are implementing a waste reduction strategy in their stores. They are starting to switch from single-use plastic to eco-friendly packaging and investing in biodegradable materials.
Some coffee chain also incentivizes customers to bring reusable cups with them, contributing to a reduction in throwaway waste.
At Fore itself it turns out that this focus has been launched by the company from the start, related to ESG (Environmental, Social and Corporate Governance). Entering the age of five, Fore Coffee has started carrying out this concept by launching two campaigns namely #FOREsponsible and #FOREssentiallyYou.
In their newest outlet which is housed in Kuningan City Mall, the company has utilized the use of 450kg of recycled materials including plastic cups Fore Coffee, into furniture products upcycle such as tables, benches, and cabinets that can be found in these outlets. The company also appointed Cinta Laura Kiehl as Social & Sustainability Ambassador and took the team Robries as a partner to realize the commitment of environmental preservation initiatives.
"At Fore we believe everything is not just an achievement but also a process. And in that process there are many elements in it. In my opinion, building a business is not only for profit but also you have to start thinking about becoming a brand that can be useful for the people around you and the nation." "Vico said.