Kopi Kenangan gets unicorn status after US$96m Series C funding round

The chain has grown to employ more than 3,000 staff in over 600 stores across 45 cities.

Indonesian coffee chain Kopi Kenangan has raised US$96 million in the first tranche of a Series C funding round, giving the company a valuation of more than US$1 billion - achieving unicorn status.

The oversubscribed Series C round was led by Tybourne Capital Management, with participation from existing investors that include Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital.

With the latest round of funding, Kopi Kenangan will accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis across Indonesia, and will continue to build the Kopi Kenangan network and broaden its footprint internationally.

“The continuing support of our investors, as well as the new backers in this funding round, is a testament to our continued focus on increasing store productivity and using technology to create the best user experience for our customers,” Kopi Kenangan co-founder and chief executive Edward Tirtanata said in a statement.

“Our mission is to be the most-loved consumer brand in Southeast Asia and, as part of our five-year vision, we remain committed to rapidly expanding our footprint to thousands of stores across Southeast Asia and broadening our offerings."

Founded in 2017 by Tirtanata, James Prananto, and Cynthia Chaerunnisa, the chain has grown to employ more than 3,000 staff in over 600 stores across 45 cities. It has served 40 million cups of coffee in the last 12 months and is expected to serve 5.5 million cups per month in Q1 2022.  

Bosun Hau, managing director of Tybourne Capital Management, added: The strength of the Kopi Kenangan team, coupled with their entrepreneurial spirit, deep knowledge of the F&B industry and their ability to use technology to retain and engage with customers and improve efficiency and sales, bodes well for the future of this new Indonesian unicorn."