Fast-growing Indonesian grab-and-go coffee chain Kopi Kenangan has raised US$96 million in the first closing of a Series C funding, giving the company a valuation of more than US$1 billion and making it the country’s first unicorn from the food and beverage sector.
Hong Kong-based Tybourne Capital Management led the oversubscribed Series C round, together with existing Kopi Kenangan investors like Horizons Ventures, Kunlun, and B Capital, and new investor Falcon Edge Capital.
With the latest round of funding, the company plans to accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis across Indonesia, while continuing to build its network and expand its international footprint.
The funding round comes as the chain sees strong domestic demand for its expanded product offerings and the continued rapid growth of its home-grown coffee brand.
Over the past year, the company’s app has become the most downloaded and best-rated coffee app in Indonesia, and it has delivered strong top-line growth during the past 12 months, with year-on-year sales more than doubling. In just over four years, the firm has grown to employ more than 3,000 staff in over 600 stores across 45 cities.
“We are extremely excited about the potential of Kopi Kenangan as it continues to tap into the rapidly growing F&B market in Southeast Asia,” says Bosun Hau, managing director of Tybourne Capital Management. “The strength of its team, coupled with their entrepreneurial spirit, deep knowledge of the F&B industry and their ability to use technology to retain and engage with customers and improve efficiency and sales, bodes well for the future of this new Indonesian unicorn.”
Indonesia is home to the largest number of unicorn companies in Southeast Asia, including Gojek, Tokopedia, Bukalapak and airline ticketing and hotel booking services firm Traveloka.