Vietnamese startup takes over cupcake chain for undisclosed sum.
Vietnamese food startup The KAfe Group, which secured a $5.5 million Cassia Investments-led Series A funding arrangement in October last year, has acquired local cupcake chain Mint Cupcakes Creations (MCC), a representative of The KAfe confirmed with VET. The value of the deal was not disclosed.
MCC has good products and a good business model, the representative said in explaining the acquisition.
It has also redefined the dessert niche in the local food and beverage industry, which is a popular model around the world and includes Georgetown Cupcakes in the US and Hummingbird Bakery in the UK.
“Focusing on one product helps MCC create their own market and be creative in meeting customer needs and this is particularly suitable with the motto of innovation and creativity in the culinary industry The KAfe pursues,” the representative added.
KAfe Group Limited is the first urban fusion cafe chain in Vietnam offering fresh, affordable, and quality international casual dining for affluent and trendy consumers.
Founded in 2013 the company currently operates a range of outlets in Hanoi and Ho Chi Minh City under four brands - The KAfe, KAfe Village, KAfe Box, and The Burger Box, as well as its beverage merchandise The KAfe Cup and The KAfe Pressed.
KAfe Group emphasizes fresh, unprocessed, and traceable food to offer customers a new and modern lifestyle that is healthy and balanced, through a fresh and seasonal menu featuring high-quality ingredients served in modern, stylish outlets for a delightful all-day experience.
In 2016 KAfe Group will continue to expand the KAfe chain to more cities while providing new models like Burger Box, KAfe Box, and Mint in Ho Chi Minh City.