After finishing a US $96 million Series C fundraising round led by US-based Tybourne Capital Management, Kopi Kenangan, a fast-growing new retail F&B chain in Indonesia, has become a unicorn.
Horizons Ventures, Kunlun, and B Capital, as well as new investor Falcon Edge Capital, were among the participants.
According to a news release, Kopi Kenangan will utilise the funds to expand its new brands, Cerita Roti, Chigo, and Kenangan Manis, throughout Indonesia. The foodtech company will also continue to expand its network and worldwide reach.
Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa launched Kopi Kenangan in 2017. The company intends to bridge the gap between high-priced coffee provided at multinational coffee chains and instant coffee sold at street vendors in Indonesia.
Customers may order coffee using a mobile app. They have the option of having it delivered to their home or picking it up at one of Kopi Kenangan’s locations.
In 2020, the firm entered the food market with the launch of Cerita Roti, a bread brand. Later in 2021, it introduced Chigo, a “chicken on the go” brand, and Kenangan Manis, a soft-cookies brand.
Since its inception, the firm has expanded to over 600 locations in 45 cities, employing over 3,000 people. In the previous 12 months, it claims to have served 40 million cups of coffee, with 5.5 million cups per month projected in Q1 2022.
Kopi Kenangan has raised about US $240 million so far. Sequoia Capital India, Verlinvest, and Sofina are among its other supporters.
The creators of Kopi Kenangan formed an angel investment fund for early stage Indonesian businesses in March of this year. The ‘Kenangan Fund,’ as it is known, has an average ticket size of $10,000 to $150,000 per investment.
