Indonesian coffee shop chain Kopi Kenangan secured US$96-million capital in the first closing of a series C funding round that values it at over US$1 billion, making it Southeast Asia’s first food and beverage unicorn.
The Series C funding round was led by Hong Kong-based Tybourne Capital Management, with participation from several existing investors, such as Horizons Ventures, Kunlun, and B Capital, as well as a new investor Falcon Edge Capital.
“It is an honor for us to announce the funding that places Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia,” its CEO and Co-Founder, Edward Tirtanata, noted in a statement obtained here, Tuesday.
The funding came after Kopi Kenangan reported strong demand, including for its new brands, such as Cerita Roti bread, Chigo fried chicken, and Kenangan Manis soft cookies.
The coffee chain has doubled its sales in the past 12 months, as compared to the corresponding 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 was successfully achieved by maintaining a healthy level of profitability at each outlet while reducing the breakeven period. Over the past year, the Kopi Kenangan application has been the most downloaded coffee application.
The company will utilize the fresh funding to expand Cerita Roti and Kenangan Manis throughout Indonesia and reach the international market, Tirtanata stated.
“Support from our investors, those who have supported us from the start as well as new investors, has encouraged us to continue to focus on increasing store productivity by leveraging technology to create the best experience for every customer,” he stated.
During the COVID-19 pandemic, Kopi Kenangan implemented new strategies, such as a contactless booking request system that helped increase revenue growth and the user base.
Source: Antara News