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FOOD and beverage (F&B) chain Kopi Kenangan on Monday (12/27) announced its Series C First Phase Funding of US$96 million (approximately IDR1.3 trillion). Through this funding, the company’s valuation has now exceeded US$1 billion and has placed Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia.
The Series C funding was led by Tybourne Capital Management, followed by a number of investors from the previous series, such as Horizons Ventures, Kunlun and B Capital, as well as a new investor, namely 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,” said Kopi Kenangan CEO and Co-Founder Edward Tirtanata in a statement, Tuesday (12/28).
This funding was obtained after Kopi Kenangan strengthened its position as a brand with high domestic demand, including from several new portfolios, such as a bakery brand called Story Roti, Chigo fried chicken, Kenangan Manis soft-cookies, as well as presenting various new innovations such as the Sultan Boba topping menu.
Kopi Kenangan has also managed to record good revenue growth over the last 12 months, with sales more than doubling compared to the previous year.
This was successfully done by maintaining a healthy level of profitability at each outlet, while reducing the payback period for each outlet to be shorter. Over the past year, the Kopi Kenangan application was also listed as the most downloaded coffee application and won the best ranking in Indonesia.
With this new funding, Kopi Kenangan plans to accelerate the expansion of Roti, Chigo and Sweet Memories Stories throughout Indonesia. Kopi Kenangan will also continue to expand its network to reach international markets.
“The support from our investors, both those who have supported us from the start as well as new investors, is proof and motivates us to continue to focus on increasing store productivity by leveraging technology to create the best experience for every customer,” said Edward.
During the COVID-19 pandemic, Kopi Kenangan implemented new strategies, such as implementing a contactless booking request system that helped increase revenue growth and user base. Over the past 12 months, Kopi Kenangan has served 40 million cups with a target of 5.5 million cups per month in Q1 2022. [antaranews/photo special]
