🇮🇩 Indonesian coffee chain becomes a unicorn after raising $96 million
Kopi Kenangan, Indonesia's fastest-growing New Retail F&B chain, well-known for its great-tasting coffee, today announced that it has raised $96 million in the first closing of a Series C funding, giving the company a valuation of more than $1bn.
The oversubscribed Series C round was led by Tybourne Capital Management, with participation from existing investors including Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital.
The funding round comes as Kopi Kenangan is seeing strong domestic demand for its expanded product offerings such as its bread brand Cerita Roti, its "chicken on the go" brand Chigo, and soft-cookies brand Kenangan Manis, as well as the continued rapid growth of its home-grown coffee brand including the latest topping addition, Sultan Boba.
The company has delivered strong top-line growth during the past 12 months, with year-on-year sales more than doubling and it has maintained profitability due to its robust store-level margins and attractive store-level payback period. Over the past year, Kopi Kenangan's app has become the most downloaded and best-rated coffee app in Indonesia.
With the latest round of funding, Kopi Kenangan will accelerate the expansion of its new brands, Cerita Roti, Chigo, and Kenangan Manis across Indonesia, and will continue to build the Kopi Kenangan network and broaden its footprint internationally.
