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Kopi Kenangan hits unicorn status with $96m in series C funding
The Indonesian coffee shop chain wants to use the funds to build its network and broaden its footprint internationally.
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ndonesian coffee chain Kopi Kenangan has raised US$96 million in the first closing of a series C funding round that values the company at more than $1 billion.
The oversubscribed series C round was led by Hong Kong-based Tybourne Capital Management with participation from existing investors, including Horizons Ventures, Kunlun and B Capital, as well as Falcon Edge Capital as a new investor, according to a press release issued on Monday.
The funding round comes as Kopi Kenangan reports strong demand for an expanded product range and continued rapid growth of its home-grown coffees, with year-on-year sales more than doubling.
Like other newcomers to Indonesia’s growing coffee shop business, Kopi Kenangan also sells products through its own app.
Kopi Kenangan said it planned to use the new funds to market its new brands, Cerita Roti, Chigo and Kenangan Manis, across Indonesia and would continue to build its network and broaden its footprint internationally.
"I am very pleased to announce this fundraising, which positions us as the first new retail food and beverage unicorn from Southeast Asia,” the company’s co-founder and CEO, Edward Tirtanata, said in the press release.
“As part of our five-year vision, we remain committed to rapidly expanding our footprint to thousands of stores across Southeast Asia and broadening our offerings," he added.
Tybourne Capital Management managing director Bosun Hau expressed confidence in how Kopi Kenangan had navigated “the challenges of the ongoing COVID-19 crisis” and added, “The strength of the Kopi Kenangan team, coupled with their entrepreneurial spirit, deep knowledge of the F&B [food and beverage] industry and their ability to use technology to retain and engage with customers and improve efficiency and sales, bodes well for the future of this new Indonesian unicorn."
Founded in 2017 by Edward Tirtanata, James Prananto and Cynthia Chaerunnisa, Kopi Kenangan targets a market gap in Indonesia between high-priced coffee served at international chains and the instant coffee sold in the country's many street stalls.
It currently has more than 600 stores in 45 cities across the country.
