Indonesian coffee chain Kopi Kenangan raised $96 million during its Series C funding and announced plans to use the new investment for expansion domestically and internationally in Southeast Asia.
Since its opening in 2017, Kopi Kenangan has become the second-largest coffee chain in Indonesia, after Janji Jawa, with over 600 outlets in 45 cities. The coffee chain not only offers coffee but also food products like Cerita Roti bread, Chigo fried chicken and soft-cookie brand Kenangan Manis.
In its Series A funding in June 2019, Kopi Kenangan raised $20 million, followed by additional investments from celebrities in December that same year. Its Series B funding in May 2020 raised $109 million. The Series C funding, led by Hong Kong’s Tybourne Capital Management and participants like ,Li-Ka-Shing’s Horizons Ventures, and Eduardo Saverin’s B Capital, combined to give the company a valuation of more than $1 billion.
Our mission is to be the most-loved consumer brand in Southeast Asia and, as part of our five-year vision, we remain committed to rapidly expanding our footprint to thousands of stores across Southeast Asia and broadening our offerings.”Co-founder and CEO Edward Tirtanata
Instead of closing its stores due to the pandemic, Kopi Kenangan opened almost 200 new ones, which is 41% more than a year ago. Their rapid success in the domestic market is a good sign that they are ready to expand internationally.