Malaysian coffee chain ZUS Coffee has raised $57.5m in a funding round led by Singapore's buyout company KV Asia Capital.
The company will use the capital to advance its growth strategy, which includes opening new outlets both across Malaysia and in international markets.
The funding round also saw participation from Malaysian pension fund Kumpulan Wang Persaraan and Indonesian fast-moving consumer goods (FMCG) giant Kapal Api Group.
With Kapal Api Group's involvement, ZUS Coffee is poised to go deeper into the FMCG sector, following the launch of its halal canned sparkling coffee, COFFIZZ, in January 2024, World Coffee Portal has reported.
KV Asia Capital partner Jeremy Tan said: “We are delighted to come together with our consortium partners – KWAP and Kapal Api Group – to support a great management team to advance a Malaysian brand onto its next stage of growth.
“ZUS Coffee has demonstrated a resilient business model, scale advantages and continued product innovation culture. Given its brand equity and resonance with customers, we believe ZUS Coffee is well positioned to further expand its footprint regionally and globally.”
Since its inception in Kuala Lumpur in 2019, ZUS Coffee has rapidly expanded to operate 554 outlets in Malaysia and 50 in the Philippines, its first international market.
The brand is now gearing up to enter Singapore with a store launch planned for September 2024, and aims to establish a presence in Brunei by the end of this year.
ZUS Coffee is engaging in active discussions to explore opportunities in other international markets, with potential launches envisaged for 2025.
Its founder and CEO Ian Chua said: “We’re thrilled to welcome our new partners and we look forward to working together on strengthening our international expansion plans.
“This partnership will not only grow our core coffee business but also support our move into new verticals like FMCG. With our shared tech-driven approach, we are committed to making speciality coffee accessible, affordable and exciting.”
