Kopi Kenangan, Indonesia based coffee start-up, raised US$ 109M in Series B funding. The round was led by India’s Sequoia Capital. Other investors include B Capital, Horizons Ventures, Verlinvest, Kunlun, and Sofina, along with the company’s first institutional investor Alpha JWC Ventures.
About Kopi Kenangan
Recently, Coffee start-up Kopi Kenangan raises US$ 109M in Series B. Founded in 2017 by Edward Tirtanata and James Prananto, Kopi Kenangan aims to fill a market gap between high-price coffee served at international coffee chains and the instant coffee sold in street stalls. In addition, they provide a wide range of recipes that cater to local tastes. The start-up is a tech-savvy beverage retailer. Also, it enables customers to order through an app and have coffee get delivered to their doorstep.
Currently, Kopi Kenangan employs 3,000 people and is looking to open more stores. By the end of 2020, it expects to reach 500 stores. Kopi Kenangan currently operates 324 stores across Indonesia. It also has over a million customers through its mobile app.
In addition, Edward Tirtanata, co-founder and CEO of Kopi Kenangan, explained the existential crisis that the hospitality industry is facing due to COVID-19. Tirtanata said, “As a growing start-up, we are adapting quickly to the challenge through contactless commerce and uncompromising hygiene standards throughout our stores.” He further explained that the well-being of employees is their biggest priority, therefore, they are investing in maintaining safety measures, along with enhanced health benefits and additional training to help the employees cope with this change.
According to an article by Forbes, Kopi is Sequoia’s next coffee unicorn.
Funding of Kopi Kenangan
Kopi Kenangan’s $US 8 million seed round in 2018 was led by Alpha JWC. The start-up’s Series A round in June 2019 closed at US$ 20 million. In addition, the round was led by Sequoia Capital, like the latest round of funding. In December 2019, Kopi Kenangan announced an expansion of its Series A round. Additional investors included Serena Ventures, basketball player Caris LeVert, and Sweetgreen CEO and cofounder Jonathan Neman, amongst others.
“Kopi Kenangan has built a very authentic and compelling identity among millions of Indonesians. We are looking forward to bringing the same delightful experience and tasty products in more categories and formats as the business expands into newer markets” said Rohit Agarwal, Vice president, Sequoia Capital.
Kopi Kenangan plans to use the funds raised in Series B round of funding to strengthen its operations in Indonesia. The funds will also contribute to launching new products. Investing in technology to improve the customer experience. Also, protecting employees amid the COVID-19 pandemic.
In addition, Kopi Kenangan has announced that Eduardo Saverin will be joining its board of directors. Saverin is one of the cofounders of Facebook and he is looking forward to building a global brand that celebrates Indonesian and Southeast Asian flavors.
Also, the company reiterated its commitment to helping local F&B entrepreneurs. Through its food accelerator program Digitarasa, it will continue to provide technology, investment, and mentorship to local F&B entrepreneurs. In addition, Kopi Kenangan’s new training academy provides a platform for baristas and workers in the F&B sector to re-skill themselves in a changing landscape.
In addition, the start-up’s future plans include offering a wider range of food and beverages from local merchants as well as its cloud kitchens. Kopi Kenangan plans to expand across countries including Thailand, the Philippines, and Malaysia.