Jakarta, Indonesia – Kopi Kenangan, a local-based retail F&B chain known for its coffee products, has recently concluded its series C funding amounting to US$96m, officially making it unicorn. Said funding will help the company accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis across Indonesia, and will continue to build the network and broaden its footprint internationally.
The funding round was led by Tybourne Capital Management, with participation from existing investors including Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital. The funding round comes as Kopi Kenangan is seeing strong domestic demand for its expanded product offerings such as its bread brand Cerita Roti, its ‘chicken on the go’ brand Chigo, and soft-cookies brand Kenangan Manis, as well as the continued rapid growth of its home-grown coffee brand including the latest topping addition, Sultan Boba.
The company, founded in 2017, targets the gap in the market in Indonesia between the high-priced coffee served at international coffee chains and the instant coffee sold in the country’s many street stalls. Customers are offered the convenience of ordering through an app and either having coffee delivered to their doorstep or picking it up at one of Kopi Kenangan’s many stores across the country.
Edward Tirtanata, co-founder and CEO at Kopi Kenangan, said, “The continuing support of our investors, as well as the new backers in this funding round, is a testament to our continued focus on increasing store productivity and using technology to create the best user experience for our customers.”
He added, “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.”
