Indonesia’s Coffee Chain Reaches Unicorn Status with USD 96 Million Funding

February 2022

Kopi Kenangan, an Indonesia-based coffee chain, has obtained USD 96 million Series C funding from Tybourne Capital Management, followed by Horizon Ventures, Kunlun, B Capital Group, and the latest new investor Falcon Edge Capital. The funding made the company achieve its unicorn status, with a valuation of more than USD 1 billion.

The company plans to continue the expansion of its brands throughout Indonesia, namely Cerita Roti’s bread business line, Chigo’s chicken business line, and Kenangan Manis’s soft cookies business line. Kopi Kenangan also plans to focus on strengthening its network and extending its brand to be globally recognized.

The company was established in 2017 to fill in the gap between international coffee chains and instant coffee in street stalls. Kopi Kenangan is available in both retail online and offline, offering customers the option to order coffee via a mobile application or enjoy it at Kopi Kenangan’s stores. The company currently has more than 600 stores spread across 40 cities throughout Indonesia.

(Source: Retail Asia)

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