Indonesian coffee shop startup reaches unicorn status

Indonesia is once again making a name for being one of the most entrepreneur-friendly countries in Southeast Asia after another unicorn – a startup valued at more than $1 billion – emerged.

Domestic coffee shop chain Kopi Kenangan in a latest Series C funding round has raised $96 million, which now values the company at more than $1 billion. The round was led by Hong Kong’s Tybourne Capital Management with participation from existing investors including billionaire Li Ka-shing’s Horizons Ventures and Facebook co-founder Eduardo Saverin’s B Capital, among others.

Kopi Kenangan said it plans to use the new investment to expand both domestically and overseas with a focus on Southeast Asia. According to industry sources, the Series C round is likely to be Kopi Kenangan’s last financing before an initial public offering, most likely in Hong Kong.

“Rapid expansion” planned across Southeast Asia

“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,” Kopi Kenangan’s co-founder and CEO, Edward Tirtanata, said in a press release.

Launched in 2017, Kopi Kenangan operates over 560 coffee outlets in 32 cities across Indonesia. It plans to expand to Thailand, the Philippines and Malaysia.

Balance between high-price competitors and street stalls

The business model of Kopi Kenangan involves positioning itself between the high-priced coffees served at international coffee chains and the cheap instant coffee sold in street stalls. Customers can order Kopi Kenangan’s coffee through its app and then either pick up their drinks at one of the company’s outlets or have it delivered.

Over time, the startup has branched out and also owns the Chigo fried chicken, Cerita Roti bread and Kenangan Manis cookie chains. It also operates the Rumah Kenangan eatery and Kenangan Heritage, a premium coffee shop.

Kopi Kenangan launched a food delivery app in 2019, which currently claims to have more than 1.8 million monthly active users. The Indonesian company reported revenue of $22.1 million and a profit of $130,000 in 2019.



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Indonesia is once again making a name for being one of the most entrepreneur-friendly countries in Southeast Asia after another unicorn - a startup valued at more than $1 billion - emerged. Domestic coffee shop chain Kopi Kenangan in a latest Series C funding round has raised $96 million, which now values the company at more than $1 billion. The round was led by Hong Kong’s Tybourne Capital Management with participation from existing investors including billionaire Li Ka-shing’s Horizons Ventures and Facebook co-founder Eduardo Saverin’s B Capital, among others. Kopi Kenangan said it plans to use the new investment to...

Indonesia is once again making a name for being one of the most entrepreneur-friendly countries in Southeast Asia after another unicorn – a startup valued at more than $1 billion – emerged.

Domestic coffee shop chain Kopi Kenangan in a latest Series C funding round has raised $96 million, which now values the company at more than $1 billion. The round was led by Hong Kong’s Tybourne Capital Management with participation from existing investors including billionaire Li Ka-shing’s Horizons Ventures and Facebook co-founder Eduardo Saverin’s B Capital, among others.

Kopi Kenangan said it plans to use the new investment to expand both domestically and overseas with a focus on Southeast Asia. According to industry sources, the Series C round is likely to be Kopi Kenangan’s last financing before an initial public offering, most likely in Hong Kong.

“Rapid expansion” planned across Southeast Asia

“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,” Kopi Kenangan’s co-founder and CEO, Edward Tirtanata, said in a press release.

Launched in 2017, Kopi Kenangan operates over 560 coffee outlets in 32 cities across Indonesia. It plans to expand to Thailand, the Philippines and Malaysia.

Balance between high-price competitors and street stalls

The business model of Kopi Kenangan involves positioning itself between the high-priced coffees served at international coffee chains and the cheap instant coffee sold in street stalls. Customers can order Kopi Kenangan’s coffee through its app and then either pick up their drinks at one of the company’s outlets or have it delivered.

Over time, the startup has branched out and also owns the Chigo fried chicken, Cerita Roti bread and Kenangan Manis cookie chains. It also operates the Rumah Kenangan eatery and Kenangan Heritage, a premium coffee shop.

Kopi Kenangan launched a food delivery app in 2019, which currently claims to have more than 1.8 million monthly active users. The Indonesian company reported revenue of $22.1 million and a profit of $130,000 in 2019.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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