Kopi Kenangan has raised $96 million in a Collection C funding spherical that valued the corporate at greater than $1 billion. The spherical was led by Hong Kong’s Tybourne Capital Administration, with participation from present traders that included Li Ka-shing’s Horizons Ventures and Eduardo Saverin’s B Capital, amongst others. Kopi Kenangan mentioned it plans to make use of the brand new funding to broaden each domestically and abroad with a concentrate on Southeast Asia.
“Our mission is to be the most-loved client model in Southeast Asia and, as a part of our five-year imaginative and prescient, we stay dedicated to quickly increasing our footprint to hundreds of shops throughout Southeast Asia and broadening our choices,” Kopi Kenangan’s cofounder and CEO, Edward Tirtanata, mentioned in a press launch.
Since Tirtanata cofounded the corporate with James Prananto and Cynthia Chaerunnisa in 2017, the corporate has grown to turn into the second-largest espresso chain within the nation with greater than 600 shops in 45 cities throughout Indonesia. Solely home-grown espresso store Janji Jiwa is claimed to be bigger with 700 shops.
Kopi Kenangan’s technique includes positioning itself between the high-priced coffees served at worldwide espresso chains and a budget prompt espresso bought in road stalls. Prospects can order Kopi Kenangan’s espresso by its app after which both choose up their drinks at one of many firm’s shops or have it delivered.
In addition to espresso, Kopi Kenangan has additionally expanded its product choices to incorporate Cerita Roti bread, Chigo fried hen and soft-cookie model Kenangan Manis.
Despite the pandemic, Kopi Kenangan has been capable of acquire momentum this 12 months as social restrictions eased, opening up 191 new shops, 41% extra in comparison with the earlier 12 months. Kopi Kenangan mentioned that it served 40 million cups of espresso within the final 12 months, up from 30 million within the earlier 12 months.
Beforehand, Kopi Kenangan raised $109 million in Collection B funding in Could 2020, after receiving greater than $20 million in its Collection A spherical in June 2019 that was adopted by an extra funding in December that very same 12 months from celebrities resembling rapper Jay-Z, tennis star Serena Williams and basketball participant Caris LeVert.
