KUALA LUMPUR, Dec 23 -- Kopi Kenangan, the fastest growing ‘grab-and-go’ coffee chain in Southeast Asia, has expanded its June Series A round with additional investment from Arrive, a Roc Nation company; Serena Ventures; world-renowned basketball player Caris LeVert; and Sweetgreen chief executive officer (CEO) & co-founder Jonathan Neman, amongst others.
Sequoia India, which led the US$20 million Series A round in June 2019, also participated in this expansion, according to a statement from Kopi Kenangan (US$1 = RM4.14).
Founded in 2017 by Edward Tirtanata, James Prananto and Cynthia Chaerunnisa, Kopi Kenangan has managed to fill a sweet spot below the high-priced coffee served at international coffee chains, which are beyond the price range for most Indonesians.
Just a year ago, Kopi Kenangan only had 16 stores while serving a few thousand cups a day. Currently, Kopi Kenangan has expanded to over 200 stores nationally and serves more than three million cups of beverage each month.
On average, the company is opening more than one store per day. It has grown 20 times in revenue since its seed round led by Alpha JWC last year. Kopi Kenangan plans to add more than a thousand new stores over the next two years and expand across Southeast Asia.
“We want to build a legendary brand, and we're excited to work with our new investors and advisors who have built global consumer franchises spanning sports, entertainment, F&B, and technology,” said CEO and co-founder Edward Tirtanata.
Nielsen Company named Kopi Kenangan as the number one in top-of-mind awareness in the Kopi Susu or milk coffee category and second only after an established multinational coffee chain in the general coffee category.
Kopi Kenangan’s best-selling beverage, ‘Es Kopi Kenangan Mantan’, has been a customer favourite and helped it secure the top spot in the milk coffee category.
-- BERNAMA
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