After the emergence of another unicorn company valued at more than US$1 billion, Indonesia has once again become one of the most suitable countries for entrepreneurs in Southeast Asia. Domestic coffee chain Kopi Kenangan raised US$96 million in the latest C round of financing, and the company is now valued at more than US$1 billion. This round of financing was led by Hong Kong Tabern Capital Management Company, with existing investors participating, including billionaire Li Ka-shing’s Horizons Ventures and Facebook co-founder Eduardo Saverin’s B Capital. Kopi Kenangan stated that he plans to use new investment to expand…
After the emergence of another unicorn company valued at more than US$1 billion, Indonesia has once again become one of the most suitable countries for entrepreneurs in Southeast Asia.
Domestic coffee chain Kopi Kenangan raised US$96 million in the latest C round of financing, and the company is now valued at more than US$1 billion. This round of financing was led by Hong Kong Tabern Capital Management Company, with existing investors participating, including billionaire Li Ka-shing’s Horizons Ventures and Facebook co-founder Eduardo Saverin’s B Capital.
Kopi Kenangan said that he plans to use new investment to expand domestically and overseas, with a focus on Southeast Asia. According to industry sources, the C round of financing is likely to be Kopi Kenangan’s last financing before the IPO, and it is most likely to be conducted in Hong Kong.
Plans to “expand rapidly” in Southeast Asia
“Our mission is to become the most popular consumer brand in Southeast Asia. As part of our five-year vision, we will continue to work to rapidly expand our footprint to thousands of stores in Southeast Asia and expand our product range,” Kopi Kenangan Edward Tirtanata, the co-founder and CEO of, said in a press release.
Kopi Kenangan was launched in 2017 and operates more than 560 coffee shops in 32 cities in Indonesia. It plans to expand to Thailand, the Philippines and Malaysia.
Balance between high-priced competitors and street stalls
Kopi Kenangan’s business model involves positioning itself between the high-priced coffee offered by international coffee chains and the cheap instant coffee sold at street stalls. Customers can order Kopi Kenangan’s coffee through its app, and then pick up or deliver it at one of the company’s stores.
Over time, the startup has expanded and owns Chigo fried chicken, Cerita Roti bread and Kenangan Manis biscuit chains. It also operates Rumah Kenangan restaurant and high-end coffee shop Kenangan Heritage.
Kopi Kenangan launched a takeaway app in 2019 and currently claims to exceed 1.8 million monthly active users. The Indonesian company reported that it had revenue of US$22.08 million in 2019 and a profit of US$130,000.
