Heaptalk, Jakarta — Kopi Kenangan, Indonesia’s food and beverages (F&B) group that adopted a new retail concept, announced has closed USD96 million from the initial stage of its Series C round. The accumulated capital has led the Company’s valuation to attain USD1 billion and placed the Company as the first new retail F&B unicorn across Southeast Asia.
This fresh capital came as its previous investors, spanning Horizon Ventures, as well as Kunlun and B Capital. Falcon Edge Capital also participated as a new backer in the round that was led by Tybourne Capital Management.
“Support from our investors has motivated us to keep focusing on enhancing our stores’ productivity by implementing technology,” stated CEO and Co-Founder of Kopi Kenangan Edward Tirtanata (28/12).
The presence of this capital in its milestones does not come suddenly. Since its debut in 2017, the Group has diversified its business to other relevant lines such as Cerita Roti, Chigo fried chicken, and Kenangan Manis soft-cookies. Moreover, Kopi Kenangan also has presented new innovation in the form of its latest topping variant on its menu, named Sultan Boba.
According to the Group, the tremendous amount of this fundraising comes after the Group has successfully proven its vast growth. Kopi Kenangan is recorded to have an elated income growth during the last twelve months by double downing its selling price twice.
The achievement has been performed by maintaining profitability’s level in every branch. This measure also is mentioned can cut the period of ROI (Return On Investment). Additionally, Edward firmed that throughout a year, the Kopi Kenangan app is set down as the most downloaded Coffee’s Apps and brings it on the first rank Apps in Indonesia.
After closing its series C fundraising, Kopi Kenangan will allocate the fresh fund to accelerate the expansion of Cerita Roti, Chigo, and Kenangan Manis across Indonesia. The Company also delivered that it will strive to broaden its business link to penetrate both national and international markets. (WLN)
