MILAN – Indonesia’s grab-and-go coffee chain Kopi Kenangan on Tuesday announced it has raised $109 million in a Series B funding round led by existing investor Sequoia Capital. The deal marks one of the largest consumer investments in the region.
The round was joined by new investors including B Capital, Horizons Ventures, Verlinvest, Kunlun and Sofina as well as return backer Alpha JWC Ventures. DealStreetAsia had earlier on Tuesday reported that the startup had raised around $100 million from investors including Sequoia, Sofina, Verlinvest, B Capital and Horizons Ventures.
According to a press statement, Kopi Kenangan plans to use the newly-raised funds to strengthen its operations in Indonesia, on top of launching new products, investing in technology to better serve its customers, and protecting employees amid the COVID-19 pandemic.
“The hospitality industry is facing the biggest existential crisis of our generation,” said Edward Tirtanata, cofounder and CEO of Kopi Kenangan, “It’s hard to tell when the sector will return to normal but when it does, it will look very different. As a growing startup, we are adapting quickly to the challenge through contactless commerce and uncompromising hygiene standards throughout our stores. The well-being of our employees is a big priority and we are investing in their safety, along with enhanced health benefits and additional training to help them cope with this massive change.”
“F&B is one of the largest consumer opportunities in Southeast Asia and Kopi Kenangan has built a very authentic and compelling identity among millions of Indonesians. We are looking forward to bringing the same delightful experience and tasty products in more categories and formats as the business expands into newer markets” says Rohit Agarwal, vice president, Sequoia Capital (India) Singapore.
Additionally, Kopi Kenangan has announced that Eduardo Saverin, one of the cofounders of Facebook, will be joining its board of directors. “I am looking forward to working closely with Kopi Kenangan and build a global brand celebrating Indonesian and Southeast Asian flavors,” Eduardo says in a statement.
