Jakarta, Indonesia, 23 December 2019 – Kopi Kenangan, the fastest growing ‘grab-and-go’ coffee chain in Southeast Asia, announced an expansion of its June Series A round with additional investment from Arrive, a Roc Nation company, 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 2019, also participated in this expansion.
“We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute,” said Neil Sirni, Arrive Co-Founder and President. “In just two years, they have expanded to 18 cities, 200 stores, and over 1,800 employees. We’re excited to be an investor in and partner to Kopi Kenangan as they introduce Indonesian-style coffee to the world.”
Founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, Kopi Kenangan has managed to fill a sweet spot 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 has expanded to over 200 stores nationally and serves more than three million cups of beverage each month. On average, the company is opening more than 1 store per day. The company, which is already profitable, has grown 20 times in revenue since its seed round led by Alpha JWC last year.
Kopi Kenangan plans to add more than a thousand 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 Edward Tirtanata, CEO and Co-Founder. “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.”
Nielsen Company named Kopi Kenangan as the number one in top-of-mind awareness in the Kopi Susu or milk coffee category and second only after an established multinational coffee chain in the general coffee category – a notable ranking given Kopi Kenangan has been operating for less than two years. The company’s best-selling beverage “Es Kopi Kenangan Mantan” has been a customer favorite and helped it in securing the top spot for Kopi Susu or milk coffee category. Kopi Kenangan was one of the first to bring a take on the classic Indonesian Kopi Susu or milk coffee recipe to the Indonesian market at an affordable price and, most importantly, accessible locations for everyday consumption.
“We are humbled to have been able to reach an important milestone in our two years’ journey,” said Cynthia Chareunnisa, Co-Founder and Chief Marketing Officer, “We recognize that this is a joint effort from our Teman Mantan which includes our baristas and employees, partners, shareholders, and most importantly our customers who have made us top-of-mind for Kopi Susu.”
Kopi Kenangan is the fastest-growing grab-and-go non-franchise coffee retail chain in Southeast Asia.