JAKARTA (TheInsiderStories) – Culinary startup company, Kopi Kenangan raised Series B funding with worth US$109 million led by India’ venture capital, Sequoia Capital. Other existing investor, Alpha JWC Ventures and a number of new investors like B Capital, Horizons Ventures, Verlinvest, Kunlun and Sofina also joining the funding series.
Edward Tirtanata, founders and CEO of Kopi Kenangan said on Tuesday (05/12), the operator will use the funding to strengthen its operations in Indonesia, launch new products, invest in technology, and various efforts to protect employees in the midst of the COVID-19 pandemic.
While, vice president of Sequoia in Singapore, Rohit Agarwal rated, food and beverages is one of the biggest consumer opportunities in Southeast Asia and Kopi Kenangan has built a very authentic identity and attracts millions of Indonesians. To help accelerate the growth of chain, Eduardo Saverin, one of the founders of the social media company Facebook, will join as one of the board of directors, bringing his versatile and transformational leadership to the team, he adds.
In 2019, Sequoia and local venture capital Alpha JWC has injected Series A funding $20 million in the startup. In December 2019, the startup also announced the expansion of Series A funding with additional investments from Arrive, Roc Nation, Serena Ventures, renowned basketball player Caris LeVert, and Sweetgreen CEO & Co-Founder Jonathan Neman.
Recently, Tirtana has told media to offer Kopi Kenangan shares through an initial public offering in 2022. He also has plans to expand his business to Southeast Asia in this year and rebranding its products name to be more accepted internationally.
The company was founded by Tirtanata and James Pranoto in 2017 as an expansion of the food and beverage business that they have been engaged in. The affordable coffee business concept has received a warm welcome from consumers. The number of coffee sales (take away) at the first outlet in 2017 reached to 1,000 cups per day.
Since its debut in 2017, this startup has pocketed twice of funding from venture capitals. First, in October 2018, Kopi Kenangan got seed funding worth of Rp120 billion ($8 million) from Alpha JWC.
Furthermore, in 2019, the culinary firm will get Series A funding of $20 million led by Sequoia with several other participating investors including rapper Jay-Z and tennis player Serena Williams. Currently, the operator has 250 outlets and this year rise to 650 outlets and in 2021 can have 1,200 outlets across the country.
“Now it’s three million cups per month (sales), until the end of 2020 we are targeting 10 million cups per month,” said Tirtanata.
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