Photo credit: Kopi Kenangan
Kenangan Brands, the parent firm of Indonesia-based coffee chain Kopi Kenangan, recently launched Satu Kenangan, a more affordable option designed to attract a wider customer base.
As part of its growth plan, Kenangan Brands is opening up Satu Kenangan to partnership opportunities. Interested entrepreneurs can set up their own Satu Kenangan franchise and manage their own operations.
The new business may create more competition for other players in the space. These include mobile cafe firm Jago Coffee, which secured US$6 million in a series A investment recently to expand its presence in Indonesia.
Meanwhile, Satu Kenangan’s hyperlocal focus would complement Kopi Kenangan’s overseas ambitions. The company has ventured into Singapore and Malaysia and is looking to enter a fourth market in the first half of 2024. It has also set a goal of reaching 1,800 outlets globally by 2026.
So far, Kopi Kenangan has bagged US$240 million in funding. Its most recent fundraise was a US$96 million series C round in December 2021 that was led by Tybourne Capital Management.
That round valued Kopi Kenangan at more than US$1 billion, making it a unicorn.
See also: Kopi Kenangan, Fore Coffee find right blend for international expansion
Editing by Miguel Cordon and Eileen C. Ang
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