Founded in 2017 by school friends Edward Tirtanata, James Prananto and Cynthia Chaerunnisa, Kopi Kenangan raised $20 million from Sequoia India in June. Last yr, Kopi Kenangan raised $8 million in Alpha JWC seed funding. Series A financing is the name given to an organization’s first significant financing from investors to grow the enterprise.
The latest round of investment comes courtesy of Williams-backed Sereny Ventures and Arrive, an arm of the entertainment company Roc Nation, founded by billionaire singer Jay-Z.
Basketball star Caris LeVert and Jonathan Neman, CEO of Sweetgreen, a startup that connects food producers and consumers, have also joined the Jakarta-based takeaway cafe chain.
“Kopi Kenangan has a vision that he must realize [the brand] internationally within the international arena. That’s why we decided to seek out investors who could help us construct the brand,” said Tirtanata’s CEO. Jakarta Post Office.
The beverage chain, which operates greater than 200 stores in 18 cities across the archipelago, has ambitious plans to open greater than 1,000 latest outlets in the subsequent two years and expand across Southeast Asia.
It was described as unashamedly “local” by US online publisher TechCrunch, which earlier this yr described its best-selling drink as “Es Kopi Kenangan Mantan” – sweetened milk coffee with added palm sugar. It costs Rp 18,000 ($1.29) and a latte ranges from Rp 24,000 to Rp 34,000 ($1.72-$2.44).
How the wave of Chinese money drives Indian start-ups
How the wave of Chinese money drives Indian start-ups
Kopi Kenangan, which sources ingredients and milk from local farmers, also expanded its online presence this yr, launching an app that permits customers to pre-order to avoid lines at sales points.
Jay-Z, who’s 50 and married to pop star Beyoncé, has previously backed fashion e-commerce platform Zilingo in Southeast Asia and e-scooter company Beam. His other investments include stakes in Uber, luggage maker Away, private aviation company JetSmarter and California cannabis company Caliva. His fortune is estimated at $1 billion.
