Kopi Kenangan, a fast-growing new R&D chain in Indonesia, has become a unicorn after completing a $ 96 million Series C financing round, led by US-based Tybourne Capital Management.
Existing investors, including Horizons Ventures, Kunlun and B Capital, in addition to the new investor Falcon Edge Capital, also participated.
Read also: Kopi Kenangan raises $ 109 million in Series B financing led by Sequoia Capital
According to a press release, Kopi Kenangan will use the money to accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis, across Indonesia. The foodtech company will also continue to build its network and expand its footprint internationally.
Kopi Kenangan was founded in 2017 by Edward Tirtanata, James Prananto and Cynthia Chaerunnisa. The company aims to address the gap in the market between the high-priced coffee served in 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 have it delivered to their doorstep or pick it up at one of Kopi Kenangan’s stores.
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 called Chigo and soft-cookie brand Kenangan Manis.
Also read: Flash Coffee raises $ 15 million to take up the fight against people like Kopi Kenangan in SEA
Since its launch, the company has grown to employ more than 3,000 employees in over 600 stores in 45 cities. It claims to have served 40 million cups of coffee within the last 12 months and is expected to yield 5.5 million cups per month in Q1 2022.
To date, Kopi Kenangan has raised over $ 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 Indonesian companies at an early stage. Invented ‘Kenangan Fund’, its average ticket size ranges from US $ 10,000 to US $ 150,000 per. investment and is sectoral.
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