Premium coffee chain attains coveted unicorn status after securing $96m in Series C funding from investors including Horizons Ventures, Kunlun, B Capital and Falcon Edge Capital
A Kopi Kenangan store in Yogyakarta, Indonesia | Photo credit: via Shutterstock
Indonesia’s Kopi Kenangan has attained coveted unicorn status after a new funding round valued the company at more than $1bn. The Jakarta-based coffee chain attained $96m investment in the first closing of a Series C funding round, with participation from existing investors including Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital.
In a press release, Kopi said it would use the new investment to expand its Cerita Roti and Chigo food ranges alongside its Kenangan Manis blended iced beverage brand.
“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," Edward Tirtanata, Co-founder and CEO, Kopi Kenangan.
Founded in 2017, Kopi Kenangan has grown rapidly to operate more than 600 stores across 45 cities in Indonesia, making it the largest branded coffee chain in the country ahead of Starbucks' circa 500-store footprint. The chain targets a price point between the East Asian archipelago’s higher-priced international branded coffee chains and the value-focused instant coffee often served at street stalls.
Kopi has also embraced e-commerce, app-based delivery and click & collect, which has provided the business with greater flexibility during the pandemic. Over the last 12 months the company promotes that it has served more than 40 million cups of coffee, with 5.5 million forecast to be sold in the first quarter of 2022.
“The strength of the Kopi Kenangan team, coupled with their entrepreneurial spirit, deep knowledge of the F&B industry and their ability to use technology to retain and engage with customers and improve efficiency and sales, bodes well for the future of this new Indonesian unicorn,” said Bosun Hau, Managing Director of Tybourne Capital Management.