Southeast Asian “grab-and-go” coffee chain Kopi Kenangan will expand its June Series A funding round with additional investments.
The funding is being sourced from Roc Nation company Arrive; Serena Ventures; world-renowned basketball player Caris LeVert; and Sweetgreen CEO & co-founder Jonathan Neman, amongst others. Sequoia India, which led the US$20 million Series A round in June last year, also participated in this expansion.
“We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute,” said Arrive co-founder and president Neil Sirni. “In just two years, they have expanded to 18 cities, 200 stores, and over 1800 employees. We’re excited to be an investor in and partner to Kopi Kenangan as they introduce Indonesian-style coffee to the world.”
Kopi Kenangan sells at a price point between the high-priced coffee served at international coffee chains – which are beyond the price range for most Indonesians – and the instant coffee sold at many street stalls.
Just a year ago, Kopi Kenangan only had 16 stores while serving a few thousand cups a day. Today, Kopi Kenangan it serves more than 3 million cups of beverage each month. On average, the company is opening more than one store per day.
Kopi Kenangan plans to add more than 1000 new stores over the next two years and expand across Southeast Asia.
“We want to build a legendary brand, and we’re excited to work with our new investors and advisors who have built global consumer franchises spanning sports, entertainment, F&B, and technology,” said CEO and co-founder Edward Tirtanata.
“We have come a long way since our humble beginnings two years back and want to continue learning and improving our service and products to meet the expectations of our customers in Indonesia and other markets.”