JAKARTA - Kopi Kenangan has announced that Eduardo Saverin, co-founder and former CFO of Facebook, is joining the coffee chain startup’s board of directors.
“I am looking forward to working closely with Kopi Kenangan and build[sic] a global brand celebrating Indonesian and Southeast Asian flavours,” said Mr Saverin in an official statement received by IDNFinancials.com, Tuesday (12/5).
The Brazilian-born investor has been living in Singapore since 2009 and renounced his US citizenship for tax purposes in 2012. Together with Mark Zuckerberg he founded Facebook in 2004 when the two were students at Harvard University.
In addition, Kopi Kenangan has also raised US$109 million in a Series B funding round led by Sequoia Capital. Other investors participating in the round include Alpha JWC and new investors B Capital, Horizons Ventures, Kunlun, Sofina, and Verlinvest.
According to Kopi Kenangan CEO and co-founder Edward Tirtanata, the fresh funds will be used to strengthen its operations in Indonesia, launch new products, increase its technological capacity, and provide protection for staff amid the coronavirus (COVID-19) pandemic.
The funding round follows the startup’s US$20 million Series A round in June 2019 led by Sequoia Capital and its seed round in 2018 led by Alpha JWC. In December last year Kopi Kenangan also announced an expansion of its Series A round with new investment including from Serena Ventures, owned by tennis player Serena Williams, and Arrive by Roc Nation which is owned by rapper Jay-Z. (MS)