JAKARTA, KOMPAS.com – Indonesian coffee chain Kopi Kenangan gained the food and beverage unicorn status after it has raised $96 million capital in the first closing of a Series C funding round that values the company at over $1 billion.
The Series C funding round was led by Hong Kong-based Tybourne Capital Management, with participation from several existing investors, such as Horizons Ventures, Kunlun, and B Capital, as well as a new investor Falcon Edge Capital.
“It is an honor for us to announce that the funding places Kopi Kenangan as the first new retail food and beverage unicorn in Southeast Asia,” the company’s CEO and Co-Founder Edward Tirtanata said in a statement on Tuesday, Dec. 28.
“Support from our investors, those who have supported us from the start and new investors, has motivated us to continue to focus on increasing store productivity by utilizing technology to create the best experience for every customer,” he said.
The funds came after Kopi Kenangan reported strong demand, including for its new brands, Cerita Roti, Chigo fried chicken, and Kenangan Manis soft cookies, as well as a new topping called Sultan Boba.
The startup has doubled its sales in the past 12 months as compared to the previous year. This was achieved by maintaining a healthy level of profitability at each outlet while reducing the breakeven period.
Edward said that over the past year, the Kopi Kenangan application has been the most downloaded coffee application, making it one of the top-ranking apps in the country.
The company will use the fresh funding to expand Cerita Roti, Chigo fried chicken, and Kenangan Manis throughout Indonesia and reach the international market, Edward added.
(Writer: Elsa Catriana | Editor: Erlangga Djumena)
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