Miguel Cordon · · 2 min readIndonesian coffee brand Kopi Kenangan raises $20m from Sequoia India
Tech-driven coffee chain Kopi Kenangan banked US$20 million in a series A round from Sequoia India, according to a statement.
Photo credit: Kopi Kenangan
With the new investment, the Indonesia-based company looks to accelerate its growth by opening 150 outlets by the end of 2019 and expanding to 1,000 stores across the country by 2021. Currently, Kopi Kenangan has 80 stores in eight cities and claims to serve one million cups of coffee a month.
“Indonesia is the world’s fourth-largest coffee exporter – yet has the lowest coffee consumption per capita in the region because there is no large, affordable coffee chain with localized taste,” says Edward Tirtanata, Kopi Kenangan’s Co-Founder and CEO.
To capitalize on that, the company combines the convenience of online shopping with the feel of an offline experience through its app, which launched in April of this year. Through the app, customers can order their coffee for pick up or have their coffee delivered by food tech players like GrabFood and Go-Food.
Kopi Kenangan also said that it is now focusing on personalization, branding its new app as a “personal barista.”
Late last year, the company raised US$8 million in seed funding from Indonesia-focused venture capital firm Alpha JWC Ventures.
Other homegrown coffee brands include Toko Kopi Tuku and Fore Coffee, which recently raised about US$10 million in a series A round.
Editing by Dante Gagelonia
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