JAKARTA - Kopi Kenangan, a food and beverage (F&B) chain with the fastest growing New Retail concept in Indonesia, also known as a provider of quality local coffee with the best taste, today announced its Series C Funding Phase One worth $96 million or around IDR1.3 trillion. Through this funding, the company's valuation has now crossed $1 billion and places Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia.
The Series C funding was led by Tybourne Capital Management, followed by a number of investors from the previous series, such as Horizons Ventures, Kunlun and B Capital, as well as a new investor, namely Falcon Edge Capital.
This funding was obtained after Kopi Kenangan cemented its position as a brand with high domestic demand, including from several new portfolios, such as a bakery brand called Cerita Roti, Chigo fried chicken, Kenangan Manis soft-cookies, as well as presenting various new innovations such as the Sultan Boba topping menu.
With this new funding, Kopi Kenangan plans to accelerate the expansion of Roti, Chigo and Sweet Memories Stories throughout Indonesia. Kopi Kenangan will also continue to expand its network to reach international markets.
Edward Tirtanata, CEO and Co-Founder of Kopi Kenangan said, "It is an honor for us to announce the funding that places Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia. The support from our investors, both those who have supported us since the beginning as well as new investors, is proof and motivates us to continue to focus on increasing store productivity by leveraging technology to create the best experience for every customer.”
Over the past 12 months, Kopi Kenangan has served 40 million cups with a target of 5.5 million cups per month in Q1 2022. (LM)