Indonesia-based coffee chain operator Kopi Kenangan collected $109m in a series B round today that featured internet company Kunlun and was led by venture capital firm Sequoia Capital India.
B Capital, Horizons Ventures, Verlinvest, Sofina and Alpha JWC Ventures also took part in the round.
Founded in 2017, Kopi Kenangan operates a chain of cafés that initially focused on coffee but have since expanded to also offer regional specialties, including bubble teas. Some of the series B funding has been allocated to partnerships with local merchants to offer additional products.
The company, which lets consumers pre-order drinks through a dedicated app, will also use the money to further develop its technology and to ensure its employees are protected during the pandemic.
Kopi Kenangan plans to expand domestically, with a targeted 500 locations by the end of the year – up from a current 324 – and to enter Malaysia, Thailand and the Philippines once the pandemic has passed.
B Capital’s Eduardo Saverin will join the board of directors.
Edward Tirtanata, co-founder and chief executive of Kopi Kenangan, told KrAsia: “We were able to inspire investors’ confidence due to the Grab & Go nature of our business.
“Our dine-in has decreased significantly, but we are seeing around 50% increase in some of the more delivery friendly locations. Furthermore, our robust unit economics show that we are still profitable on the store level even during the pandemic.”
Kopi Kenangan raised $20m in series A funding in June 2019 led by Sequoia, before adding an extension of undisclosed size six months later from Arrive, Serena Ventures, Saverin and angel investors Caris LeVert and Jonathan Neman, as well as a range of unnamed backers.
Alpha JWC Ventures had earlier supplied $8m in seed capital in January 2019.
