Though Kopi Kenangan may be identical with their galau theme (Indonesian slang meaning “confusion,” but usually associated with heartbreak), their latest business announcement is anything but as the co-founder of the world’s largest social media platform is set to join their board of directors.
One of the fastest-growing es kopi chains in Indonesia announced yesterday that they have raised US$109 million (around IDR1.6 trillion) in a series B funding, which is led by their existing investor Sequoia Capital.
This recent funding round includes injections from a number of investors, including B Capital, Kunlun, Horizons Ventures, and Indonesian venture capital firm Alpha JWC Ventures — the latter of which backed Kopi Kenangan with US$8 million in the seed funding round back in 2018.
B Capital is co-founded by Brazilian-born entrepreneur and angel investor Eduardo Saverin, who also co-founded Facebook (and famously portrayed by English actor Andrew Garfield in the 2010 biographical drama The Social Network). According to reports, he is set to join Kopi Kenangan as a member in their board of directors. Saverin has been living in Singapore since 2009 to build his business and later establishing B Capital in 2015.
Saverin’s new role in the company is expected to further accelerate Kopi Kenangan’s growth.
“I’m looking forward to working with Kopi Kenangan to build a global brand that celebrates the tastes of Indonesian and Southeast Asia,” he said in a statement.
Edward Tirtanata, Kopi Kenangan’s co-founder and CEO, said that the recent funding will be used to strengthen the chain’s operation nationwide. According to Edward, the company plans to roll out new products and invest in technology to better serve the customers, while also making efforts to protect their employees amid the COVID-19 pandemic.
Kopi Kenangan currently has over 320 outlets in 18 Indonesian cities, with around 3,000 employees and a target of opening 500 more outlets until the end of this year.
The series B funding round comes following the extended series A that was raised in December, which was notably backed by rapper Jay-Z and tennis superstar Serena Williams through their venture capital firms, Arrive and Serena Ventures, respectively. Kopi Kenangan raised US$20 million in a series A funding round in June of last year, led by Sequoia Capital.
Arguably the fastest-growing es kopi stall in Indonesia, you can easily find a Kopi Kenangan stall near you. They have also launched their own mobile app, through which customers can get benefits such as coffee pre-orders and membership points.
Keeping in line with the galau theme, all their coffee and tea-based drinks have sappy names — as Kopi Kenangan is roughly translated as “Memories Coffee.” For example, their signature es kopi is called “Kopi Kenangan Mantan (Memories of an Ex-lover coffee),” a variation of flavored lattes is named “Kopi Mantan Menikah (Ex-lover Getting Married coffee),” and a Baileys-flavored coffee is called “Kopi Lupakan Dia (Forget Him/Her coffee).”
Read Also — Stock up on caffeine during PSBB with these bottled ‘es kopi’ from 10 Jakarta specialty cafés
