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
Kopi Kenangan / Photo: 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