Kopi Kenangan, a fast-growing new retail F&B chain in Indonesia, has become a unicorn after closing a US$96 million Series C financing round, led by US-based Tybourne Capital Management.
Existing investors, including Horizons Ventures, Kunlun, and B Capital, besides new investor Falcon Edge Capital, also participated.
Also Read: Kopi Kenangan snags US$109M in Series B funding led by Sequoia Capital
As per a press note, Kopi Kenangan will use the money to accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis, across Indonesia. The foodtech firm will also continue building its network and broadening its footprint internationally.
Kopi Kenangan was founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa. The firm aims to address the gap in the market between the high-priced coffee served at international coffee chains and the instant coffee sold in Indonesia’s street stalls.
It allows customers to order coffee through an app. They can either get delivered to their doorsteps or pick it up at one of Kopi Kenangan’s outlets.
In 2020, the company expanded into the food industry by launching a bread brand called Cerita Roti. Later in 2021, it launched a “chicken on the go” brand named Chigo and soft-cookies brand Kenangan Manis.
Also Read: Flash Coffee raises US$15M to take on the likes of Kopi Kenangan in SEA
Since its launch, the company has grown to employ more than 3,000 staff in over 600 stores across 45 cities. It claims to have served 40 million cups of coffee in the last 12 months and is expected to do 5.5 million cups per month in Q1 2022.
To date, Kopi Kenangan has raised over US$240 million. Its other backers are Sequoia Capital India, Verlinvest, and Sofina.
In March this year, Kopi Kenangan’s founders launched an angel investment fund targeting early-stage Indonesian companies. Coined ‘Kenangan Fund’, its average ticket size ranges from US$10,000 to US$150,000 per investment and is sector-agnostic.
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