Aditya Hadi Pratama · · 2 min readKopi Kenangan enters unicorn club after $96m series C tranche
Kopi Kenangan, an Indonesia-based coffee chain, has raised US$96 million in the first close of its series C funding round led by investment firm Tybourne Capital Management, with participation from Falcon Edge Capital and existing investors such Horizons Ventures, Kunlun, and B Capital.
The deal boosted the company’s valuation to more than US$1 billion, making it the first “new retail” F&B unicorn from Southeast Asia.
Photo credit: Kopi Kenangan
Founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, Kopi Kenangan created an app where users can order coffee and opt to pick up their drinks at the company’s stores or have their beverages delivered directly.
The coffee chain currently has over 600 stores in 45 cities in Indonesia and a 3,000-member workforce. It has also expanded its offerings by introducing bread brand Cerita Roti, chicken-based snack brand Chigo, and soft-cookie brand Kenangan Manis.
In the last 12 months, the company has served 40 million cups of coffee and expects to serve 5.5 million cups per month by Q1 2022. The firm also shared that its sales doubled from the previous year.
Kopi Kenangan, which has raised more than US$240 million in total funding to date, plans to use the fresh funds to accelerate the growth of its new brands and fuel expansion to other markets in the region.
See also: Kopi Kenangan saw explosive growth in 2019 – and stayed profitable
Editing by Miguel Cordon and Jaclyn Tiu
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