Jakarta. Kopi Kenangan, an Indonesian coffee shop backed by rapper Jay-Z and tennis champion Serena Wiliams, has secured $96 million in capital from its latest funding round that valued the company north of $1 billion, making it the first food and beverage unicorn in Southeast Asia, the company said in a statement on Monday.
Tybourne Capital Management led the Series C funding, joined by several investors from the previous rounds, including Hong Kong's Horizons Ventures, Chinese internet company Kunlun, and Facebook co-founder Eduardo Severin's B Capital, as well as a new investor, Falcon Edge Capital.
The funding came after Kopi Kenanagan doubled its sales in the past 12 months, compared to the same period last year. Over the period, Kopi Kenangan has served 40 million cups and targeted 5.5 million cups per month in the first quarter of 2022.
This year, the company also introduced several new brands to its portfolio, including Cerita Roti bread, Chigo fried chicken, and Kenangan Manis soft cookies.
Edward Tirtanata, Kopi Kenangan's chief executive officer (CEO) and co-founder, said the company would use the fresh funding to expand Cerita Roti and Kenangan Manis throughout Indonesia and reach the international market.
"Our vision is to become the most beloved brand by customers in Southeast Asia. Besides that, in the next five years, we are committed to rapidly expanding our reach to opening stores in Southeast Asia while complementing our portfolio with products that can meet market needs," Edward said.
Edward founded Kopi Kenangan with his business partners, James Prananto and Cynthia Chaerunnisa, seeking to fill the gap between premium-priced coffee served by international coffee chains and ultra-cheap instant coffee sold at many street stalls in Indonesia with a grab-and-go, Indonesian style coffee product.
Today, the coffee shop chain has grown to 600 outlets in 45 cities in Indonesia, providing more than 3,000 jobs. The company also developed an app to allow customers to order coffee ahead of time or have them delivered to the shop.
Bosun Hau, the managing director of Tybourne Capital Management, said Kopi Kenangan managed to grow significantly this year while overcoming various challenges and crises due to the ongoing Covid-19 pandemic.
"We are looking forward to seeing Kopi Kenangan's potential and its vision to reach the fast-growing food and beverage market in Southeast Asia," he said.