MILAN – Kopi Kenangan, the fastest growing ‘grab-and-go’ coffee chain in Southeast Asia, received a giant boost in funding thanks to investments from billionaire MC Jay-Z and tennis icon Serena Williams. Kopi Kenangan announced it raised $20 million in its Series A funding last June. Jay-Z and Williams made the investments through their respective companies Arrive and Serena Ventures, according to HypeBeast.
While the exact amount of their investments has not been made public, co-founder Edward Tirtanata said the money will be used to expand overseas and upgrade its outlets and technology.
“We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute,” said Neil Sirni, Arrive Co-Founder and President. “In just two years, they have expanded to 18 cities, 200 stores, and over 1,800 employees. We’re excited to be an investor in and partner to Kopi Kenangan as they introduce Indonesian-style coffee to the world.”
Founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, Kopi Kenangan has managed to fill a sweet spot between the high-priced coffee served at international coffee chains, which are beyond the price range for most Indonesians, and the instant coffee sold at many street stalls.
Just a year ago, Kopi Kenangan only had 16 stores while serving a few thousand cups a day. Today, 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 1 store per day. The company, which is already profitable, 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 Edward Tirtanata, CEO and Co-Founder. “We have come a long way since our humble beginnings two years back and want to continue learning and improving our service and products to meet the expectations of our customers in Indonesia and other markets.”
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 – a notable ranking given Kopi Kenangan has been operating for less than two years. The company’s best-selling beverage “Es Kopi Kenangan Mantan” has been a customer favorite and helped it in securing the top spot for Kopi Susu or milk coffee category.
Kopi Kenangan was one of the first to bring a take on the classic Indonesian Kopi Susu or milk coffee recipe to the Indonesian market at an affordable price and, most importantly, accessible locations for everyday consumption.
Arrive is a Roc Nation company. Roc Nation is a full-service management, music publishing, and entertainment company founded by Shawn “JAY-Z” Carter. Launched in 2017, Arrive provides strategic capital and advisory to startups and early-stage ventures with a focus on the United States and Southeast Asia.
Previous investments include Ethos, Robinhood, Sweetgreen, Manticore Games, Scratch, amongst others.
Serena Ventures was created in 2014 by entrepreneur, philanthropist and tennis icon, Serena Williams, with the mission of giving opportunities to founders across an array of industries. Serena Ventures invests in companies aligned with its core themes of diverse leadership (women and POC), individual empowerment, creativity, and opportunity.
Under the guidance of Serena herself, Serena Ventures focuses on early-stage (angel/seed/series A) companies, as well as mentoring young founders and taking burgeoning entrepreneurs to the next level.
Serena Ventures extends relationships, encourages portfolio companies to collaborate, and expands partnership opportunities across Serena Williams’ vast network. Serena Ventures has investments in over 30 companies across multiple industries. The SV portfolio includes businesses that touch e-commerce, food & beverage, fashion, health & wellness, social good, and more Alpha JWC Ventures is a Southeast Asian venture capital firm with an Indonesian angle and a focused value-add approach. Alpha JWC has deep financial technology (Fintech) and sustainable consumer sector expertise and has established a strong reputation and clear positioning in the market as the leading venture capital firm that has the best on-the-ground team with world-class complementary skill-sets and strategic network in Indonesia, Southeast Asia, China, and US.
The firm currently manages two funds of US$ 50 million and US$ 100 million; and more than 25 active portfolio companies. Learn more about Alpha JWC at www.alphajwc.com.