Kopi Kenangan - Indonesian Coffee Chain
Updated: Apr 13
Kopi Kenangan is one of the fastest-growing grab-and-go coffee chains in Indonesia. The idea of Kopi Kenangan started because the founders have the mission to spread their passion for Indonesian coffee as a local brand from Indonesia to the rest of the world.
This Southeast Asian non-franchise grab-and-go beverage retailer Kopi Kenangan has raised US$109 million in Series B funding led by the firm’s existing investor, Sequoia Capital. Founded by Mr Edward Tirtanata and Mr James Prananto, the 3 years old coffee chain models after the New Retail trend of on-demand coffee. Starting out with USD$8 million seed funding and 30 stores in 2018, today it has 324 outlets, a line of powerful investment backers and stands at a reported USD$477 million valuations.
Kopi Kenangan aims to expand its footprint in South East Asia, from Indonesia to Malaysia, Singapore and the Philippines.
Some of the big-name investors in Kopi Kenangan include JAY-Z, award-winning tennis player Serena Williams, NBA basketball player Caris LeVert, and even Sweetgreen’s very own co-founder and CEO Jonathan Neman back the promising coffee chain across the world.
Facebook co-founder Eduardo Saverin’s investment firm B Capital also participated in this round of funding and will be sitting on the board of directors. Other investors include Alpha JWC Ventures, Hong Kong-based Horizon Ventures, Verlinvest, Chinese internet company Kunlun, Sofina and GIC Singapore.
85% of Kopi Kenangan sales come from repeated customers and more than half buy Kopi Kenangan on a daily and weekly basis, or even multiple times a day. Customers just download the app, make their order then grab and go.
The growing popularity of the coffee tech startup is a symbol of the nation’s economic progress and a sign of the emerging wealth of the country. Will you give it a try for Kopi Kenangan or you prefer the Starbucks coffee chain?