Indonesia’s fastest-growing F&B retail chain, popular for its great-tasting coffee, has raised US$96 million in a Series C funding round led by Tybourne Capital Management along with participation from Falcon Edge Capital and existing investors Kunlun, Horizon Ventures, and B Capital.
The fresh funding takes Kopi Kenangan’s valuation to US$1 billion making it the first F&B retail to enter the unicorn category in Southeast Asia.
Edward Tirtanata, Co-founder and CEO of Kopi Kenangan said, “I am very pleased to announce this fundraising, which positions us as the first New Retail F&B Unicorn from Southeast Asia. The continuing support of our investors, as well as new backers in this funding round, is a testament to our continued focus on increasing store productivity and using technology to create the best user experience for our customers. Our mission is to be most-loved consumer brand in Southeast Asia and, as part of our five-year vision, we remain committed to rapidly expanding our footprint thousands of stores across Southeast Asia and broadening our offerings.”
The company plans to use the fresh funding to strengthen the expansion of its new brands, Chigo, Kenangan Manis, and Cerita Roti across Indonesia. The firm will also continue to broaden its footprint internationally and build its network.
Kopi Kenangan expanded into the food industry in year the 2020 by launching a bread brand called Cerita Roti. It launched a “chicken on the go” brand called Chigo and Kenangan Manis, a soft-cookies brand in 2021.
Founded in 2017 by James Prananto, Cynthia Chaerunnisa, and Edward Tirtanata, Kopi Kenangan targets a gap in the Indonesian market between the high-priced coffee served at international coffee chains and the instant coffee sold in various street malls of the country.
Consumers can order coffee through the company’s app and can either pick up from one of Kopi Kenangan’s stores or get it delivered to their doorstep.
Since its launch, the FoodTech firm has grown to employ over 3000 employees in more than 600 stores across 45 cities. The company has served 40 million cups of coffee in the last one year and is expected to do 5.5 million cups per month by the first quarter of 2022.
To date, the firm has raised more than US$240 million. Kopi Kenangan’s other backers include Sofina, Verlinvest, and Sequoia Capital India.