Cassia leads $5.5m Series A round for Vietnam's KAfé Group
Cassia Investments has led a $5.5 million Series A round for KAfé Group, a Vietnamese café chain operator, with participation by existing investor New Asia Partners (NAP).
KAfé Group, which currently operates four restaurant brands in Vietnam and is developing two packaged beverage brands, will use the capital to further expand within the country. Founded by Vietnamese author and TV chef Chi Anh Dao, the company offers Vietnamese-Western fusion cuisine, targeting a young and affluent clientele.
KAfé Group has opened 12 locations in Hanoi since its founding in 2013, and recently opened four locations in Ho Chi Minh City. It plans to open 10 more outlets in other cities around Vietnam by the end of the year. The company is also considering an overseas IPO to fund further expansion, according to a statement.
NAP founder and Chairman Dennis Nguyen also serves as the chairman of KAfé Group. The GP's other investments include Huy Vietnam Group, the largest operator of self-managed local cuisine restaurants. NAP and AIF Capital co-led a $15 million Series B round for the company last year, with Fortress Capital Asset Management participating, and Templeton Asset Management led a Series C round for another $15 million earlier this year.
Cassia, based in Hong Kong, targets investments in lower middle-market companies in China and Southeast Asia. The firm was part of the management-led consortium that bought Thai duck processing firm Bangkok Ranch from Navis Capital Partners and Rabo Capital in 2013
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