Indonesian coffee chain Kopi Kenangan raises $96 million as it eyes Southeast Asian expansion

Kopi Kenangan raised $96 million in a Series C funding round, which it could use to expand both domestically and overseas with a focus on Southeast Asia.

The round, which valued the company at more than $1 billion, was led by Hong Kong's Tybourne Capital Management, with participation from existing investors that included Li Ka-shing’s Horizons Ventures and Eduardo Saverin’s B Capital, among others.

Kopi Kenangan’s cofounder and CEO, Edward Tirtanata, said they aim to be the most-loved consumer brand in Southeast Asia, as part of its five-year vision.

He added that they are committed to rapidly expanding to thousands of stores across Southeast Asia and broadening their offerings,”

Since Tirtanata co-founded the company in 2017, the company has grown to become the second-largest coffee chain in the country with over 600 outlets in 45 cities across Indonesia.

Kopi Kenangan positions itself between international coffee chains’ high-priced coffees and the cheap instant coffee sold in street stalls.

The brand has expanded its product offerings to include Chigo fried chicken, Cerita Roti bread, and soft-cookie brand Kenangan Manis.

In spite of the pandemic, Kopi Kenangan has opened 191 new stores this year, 41 percent more compared to the previous year. It served 40 million cups of coffee in the last 12 months, up from 30 million in the previous year.