Jay-Z, Serena Williams’ funds invest in Sequoia-backed Kopi Kenangan

Indonesian grab-and-go coffee chain Kopi Kenangan announced it has secured additional investment in an extended series A round from Jay-Z’s Arrive, Serena Williams’ Serena Ventures, basketball player Caris LeVert, and Sweetgreen CEO and co-founder Jonathan Neman, among others.

Sequoia India, which led the startup’s US$20 million series A raise in June, also participated in the round.

The startup also obtained investment from Facebook co-founder Eduardo Saverin and Northstar Group co-founder and managing partner Patrick Waluyo, according to a KrAsia report.

Photo credit: Kopi Kenangan

Founded in 2017, Kopi Kenangan aims to fill the gap between high-priced coffee served at international coffee chains, whose price range is beyond what most Indonesians can afford, and instant coffee sold at several street stalls.

It claims to have expanded to over 18 cities and 200 stores in the country, serving more than 3 million cups of beverage each month. The company said it is already profitable and have grown 20x in revenue since it closed its US$8 million seed round led by Alpha JWC Ventures last year.

Following the new investment, Kopi Kenangan plans to add more than a thousand new stores over the next two years and expand across Southeast Asia.

“We have come a long way since our humble beginnings two years back and want to continue learning and improving our service and products to meet the expectations of our customers in Indonesia and other markets,” said Edward Tirtanata, CEO and co-founder of Kopi Kenangan.

See: How Kopi Kenangan plans to become Indonesia’s largest affordable coffee chain

The startup is up against other local players in the space, such as Fore Coffee, which reportedly closed a US$30 million funding round this year. It is also looking to expand to 1,000 more locations through a partnership with local hospitality firm Airy. Kopi Kenangan previously said it plans to open 1,000 stores by 2021.

Update (January 3, 10 am): The story was updated to include Eduardo Saverin and Patrick Waluyo as investors.