Kopi Kenangan eyes fast expansion after US$109 million investment
Southeast Asian non-franchise grab-and-go beverage retailer Kopi Kenangan has raised US$109 million in Series B funding led by the firm’s existing investor, Sequoia Capital.
The funds will help Kopi Kenangan strengthen its operations in Indonesia, launch new products, invest in technology enhancements and protect employees during the ongoing coronavirus pandemic. The company has also revealed plans to offer a wider range of food and beverage products from local merchants as well as its cloud kitchens.
Horizons Ventures, B Capital, Verlinvest, Kunlun, Alpha JWC Ventures and Sofina also participated in the round as new investors
The firm serves locally sourced coffee priced for the mid-market and available at kiosks throughout the territory or via online delivery. It was an early responder to the Covid-19 threat and provides protective medical gear, donations, and free coffee for frontline healthcare workers within Indonesia.
“The hospitality industry is facing the biggest existential crisis of our generation,” said Kopi Kenangan co-founder and CEO Edward Tirtanata. “It’s hard to tell when the sector will return to normal but when it does, it will look very different. As a growing startup, we are adapting quickly to the challenge through contactless commerce and uncompromising hygiene standards throughout our stores. The well-being of our employees is a big priority and we are investing in their safety, along with enhanced health benefits and additional training to help them cope with this massive change.”
The firm’s current target is to have 500 outlets in operation by the end of the year over its current 324 stores, which already employ 3000 staff. It is then looking to expand into Thailand, the Philippines, and Malaysia following the resolution of the coronavirus crisis.
Kopi Kenangan recently hired Facebook co-founder Eduardo Saverin to its board of directors.