Indonesian coffee chain becomes first FnB “unicorn” in Southeast Asia

Written By

VietnamPlus

Published on

July 31, 2023

Indonesia’s Kopi Kenangan coffee chain has raised 96 million USD in its latest Series C round at a valuation above 1 billion USD, propelling it to unicorn status.

Illustrative image (Photo: Kopi Kenangan)

Jakarta (VNA) – Indonesia’s Kopi Kenangan coffee chain has raised 96 million USD in its latest Series C round at a valuation above 1 billion USD, propelling it to unicorn status.

The funding round was led by Tybourne Capital Management based in Hong Kong, China, and saw the participation of Falcon Edge Capital, Horizon Ventures, Kunlun, and B Capital.

Kopi Kenangan’s sales doubled compared to the figure in the same period last year. Having served 40 million cups of coffee this year, it expects to serve 5.5 million cups per month in the first quarter of 2022.

Edward Tirtanata, co-founder and chief executive officer of Kopi Kenangan, said the fresh funds will be used to accelerate the expansion of new brands of Cerita Roti and Kenangan Manis across Indonesia, as well as broaden its footprint internationally.

In addition, the funds will help the company continue its focus on increasing store productivity and using technology to create the best experience for customers, he added./.

- maestro_user

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