East Ventures plans IPO for coffee chain Fore Coffee

INDONESIA – East Ventures, a Singapore-based venture capital firm, is advancing plans to list its coffee shop chain, Fore Coffee, on the public market through an IPO as part of its strategic expansion.

East Ventures is preparing for an initial public offering (IPO) that could propel the valuation of its coffee chain, Fore, to an estimated SG$1.8 trillion (US$110 million).

This move aims to tap into Indonesia’s rapidly growing coffee market and marks a major strategic milestone for the brand.

Originally launched as an internal venture at East Ventures, Fore now plans to raise a minimum of SG$300 billion (US$18.3 million) through a prospective listing on the Jakarta Stock Exchange as early as April 2025.

Sources, preferring to remain anonymous due to the confidential nature of these discussions, indicated that many details of the IPO, such as its size and precise timing, are still under review.

However, insiders have confirmed that existing shareholders, including East Ventures, do not intend to sell their stakes during the listing, ensuring that strategic control remains within the group.

The funds raised will be dedicated to expanding Fore’s operations further, accelerating its growth trajectory.

Established in 2018, Fore has rapidly expanded to operate over 200 outlets across 44 cities in Indonesia.

The chain has successfully capitalized on the increasing spending power of the country’s burgeoning middle class, who are increasingly drawn to specialty coffee and lifestyle experiences.

Fore’s strategy combines quick-service storefronts for efficient pick-up and delivery with traditional sit-down cafés, while its innovative mobile application facilitates pre-ordering to significantly reduce service times and lower operational costs.

In a highly competitive market, Fore faces challenges from both local and international rivals such as Kopi Kenangan, Luckin Coffee, and Arabica.

With a population of 280 million and annual coffee consumption projected to grow by 11% by 2030, Indonesia offers immense market potential.

In 2024 alone, Fore opened 61 new outlets, bringing its total to 230 stores, and it ventured into Singapore with its first site opening in November 2023.

Furthermore, CEO Vico Lomar announced plans to launch an additional 60 stores in 2025, including a second outlet in Singapore.

East Ventures led Fore’s first investment round in January 2019, raising US$8.5 million. Since then, Fore has secured a total of US$53 million through three rounds of funding, with backers including AC Ventures, Insignia Venture Partners, and Pavilion Capital.

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