By Ulisari Eslita
Country’s grab-and-go coffee chain Kopi Kenangan has announced, it has raised $109 million in a Series B funding round today, led by existing investor Sequoia Capital. The deal marks one of the largest consumer investments in the region. New investors, including Eduardo Saverin’s B Capital, Horizons Ventures, Verlinvest, Kunlun, and Sofina, as well as return backer Alpha JWC Ventures joined the round. The company plans on using this round of funding to strengthen its operations in Indonesia, launch new products, and invest in technology to serve its customers better.
The new funding follows Kopi Kenangan’s $ 20 million Series A round in June 2019 led by Sequoia Capital and seed round in 2018 led by local investor Alpha JWC Ventures. In December 2019, Kopi Kenangan also announced an expansion of its Series A round with additional investment from Arrive, a Roc Nation company, Serena Ventures, world-renowned basketball player Caris LeVert, and Sweetgreen CEO & Cofounder Jonathan Neman, amongst others.
Currently, Kopi Kenangan operates 324 stores across Indonesia and reaches over a million customers through its mobile app. Following its rapid national growth, Kopi Kenangan plans to expand across neighbouring countries with stores in Thailand, Philippines, and Malaysia expected to open after the COVID-19 pandemic.
Started in 2017, Kopi Kenangan founded by duo Edward Tirtanata and James Prananto. Both are high-school friends. The company currently employs 3,000 workers and expects to reach 500 stores by the end of 2020.