Indonesia’s Kopi Kenangan hits unicorn status with $96m funding

It seeks to expand its new brands and broaden its coffee business’ reach internationally.

Indonesia-based coffee chain Kopi Kenangan has raised $96m in the first closing of its Series C funding led by Tybourne Capital Management, hitting the unicorn status with a valuation of more than $1b, the company said in a news release.

With the latest round of funding, Kopi Kenangan seeks to accelerate the expansion of its new brands—bread business Cerita Roti, chicken business Chigo and soft-cookies business Kenangan Manis—across Indonesia

The company also seeks to continue to build its Kopi Kenangan network and broaden its footprint internationally.

The oversubscribed Series C saw participation from existing investors including Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital.

Kopi Kenangan was founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, targeting a gap in the market in Indonesia between the high-priced coffee served at international coffee chains, and the instant coffee sold in the country's many street stalls.

With its new retail online and offline model, it offers customers the convenience of ordering through an app and either having coffee delivered to their doorstep or picking it up at one of Kopi Kenangan's over 600 stores across 45 cities in the country.