Kopi Kenangan Is Indonesia's Latest Unicorn After US$96M Series C Funding

TheIndonesia.id - One of the leading and most popular coffee chains in Indonesia, Kopi Kenangan, announced that it has reached its unicorn status after getting US$96 million in the first closing of its Series C funding.

Led by Tybourne Capital Management, Horizons Ventures, Kunlun, B Capital, and new investor Falcon Edge Capital, the funding gave the company a valuation of more than US$1 billion.

Speaking of the achievement, CEO and co-founder Edward Tirtanata said the company aims to become one of the largest consumer brands in the region, and it will continue to focus in technological development to further grow the brand and its products.

“I am very pleased to announce this fundraising, which positions us as the first new retail F&B unicorn from Southeast Asia,” Tirtanata said in a statement on Monday, December 27.

“The continuing support of our investors, as well as the new backers in this funding round, is a testament to our continued focus on increasing store productivity and using technology to create the best user experience for our customers. Our mission is to be the most-loved consumer brand in Southeast Asia and, as part of our five-year vision, we remain committed to rapidly expanding our footprint to thousands of stores across Southeast Asia and broadening our offerings.”

The company has recorded impressive sales figure in the last year amid the great challenges triggered by COVID-19 pandemic.

Kopi Kenangan’s year-on-year sales have doubled, and it attributed the success to “robust store-level margins” and “attractive store-level payback period”.

Representative from Tybourne Capital Management said the firm has been impressed with the brand’s significant growth over the years and believe that Kopi Kenangan will continue to develop in the years to come.

“In a few short years, [founders] Edward and James, together with the highly experienced management team, have grown the business significantly and helped it navigate the challenges of the ongoing COVID-19 crisis,” managing director at the investment firm Bosun Hau said.

“The strength of the Kopi Kenangan team, coupled with their entrepreneurial spirit, deep knowledge of the F&B industry, and their ability to use technology to retain and engage with customers and improve efficiency and sales, bodes well for the future of this new Indonesian unicorn."

Furthermore, Kopi Kenangan plans to use the freshly-injected capital for the expansion of its new brands: Cerita Roti with its bread products, chicken-focused Chigo, and soft-cookies brand Kenangan Manis.

The company also intends to “build the Kopi Kenangan network” and “broaden its footprint internationally”.