Indonesia’s coffee startup Kopi Kenangan has just attracted its biggest ever funding round, netting $109 million from major investors.
It adds to the $28 million Kopi Kenangan has raised since its 2017 inception—which includes an undisclosed amount from tennis titan Serena Williams and rapper Jay-Z that made headlines at the end of last year.
The latest news was first scooped by Deal Street Asia, and the startup later confirmed it.
(Updated May 13: Added confirmation from startup, details on a new investor, and changed the figure from $100 million)
Kopi Kenangan is aiming to build a homegrown Starbucks-esque empire, but with more built-in tech, such as online ordering, cashless payments, and coupons within its app—rather like China’s (scandal-hit) Luckin Coffee. And, like Luckin, it’s undercutting Starbucks on price.
Some of its outlets are geared toward grab-and-go punters, with little or no seating—such as this store at Jakarta’s massive Plaza Senayan:
Kopi Kenangan is battling a very similar startup rival in the form of Fore Coffee, which has raised $40 million from investors.
Latest Kopi Kenangan facts & stats:
- 324 stores across 18 Indonesian cities
- Newest funding, apparently its series B, is led by Sequoia Capital India
- Facebook co-founder Eduardo Saverin is a new investor in this round via his B Capital company, and Saverin now joins Kopi Kenangan’s board of directors
- Next step, after the pandemic, is to expand to Malaysia, Thailand, and the Philippines
- Leadership team has stated there are no layoffs planned during this virus crisis
- Coffee consumption in Indonesia has more than doubled in the past decade, and is set to surge 36% this year