Indonesian coffee chain Kopi Kenangan raises Series A extension from Jay-Z, Serena Williams’s VC firms

 

Kopi Kenangan, Indonesia-based on-demand coffee chain, just announced the extension of its Series A round with investments from Arrive (backed by US rapper Jay-Z’s Roc Nation) and athlete and entrepreneur Serena Williams’ Serena Ventures.

Joining the round is returning investors Sequoia India, followed by new investors NBA star Caris LeVert and Sweetgreen CEO & Co-Founder Jonathan Neman.

An official statement from Neil Sirni, co-founder and President of Arrive, reads: “We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute. In just two years, they have expanded to 18 cities, 200 stores, and over 1,800 employees. We’re excited to be an investor in and partner to Kopi Kenangan as they introduce Indonesian-style coffee to the world.”

Sequoia India led the coffee chain’s US$20 million Series A round in June 2019 while its seed funding round was led by Alpha JWC last year.

Founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, Kopi Kenangan aims to answer the gap left by the market sandwiched between the high-priced coffee served at international coffee chains, which are beyond the price range for most Indonesians, and the instant coffee sold at many street stalls.

Kopi Kenangan said it plans to add more than 1,000 new stores over the next two years and expand across Southeast Asia.

“We want to build a legendary brand, and we’re excited to work with our new investors and advisors who have built global consumer franchises spanning sports, entertainment, F&B, and technology,” Tirtanata said.

Nielsen Company named Kopi Kenangan as the number one in top-of-mind awareness in the kopi susu or milk coffee category and second only after an established multinational coffee chain in the general coffee category.

“We recognise that this is a joint effort from our Teman Mantan [team] which includes our baristas and employees, partners, shareholders, and most importantly our customers who have made us top-of-mind for kopi susu,” said Chareunnisa.

Arrive is a Roc Nation company, full-service management, music publishing, and entertainment company founded by Shawn “JAY-Z” Carter. It was launched in 2017 and it provides strategic capital and advisory to startups and early-stage ventures with a focus on the United States and Southeast Asia.

Serena Ventures was created in 2014 by entrepreneur, philanthropist, and tennis icon Serena Williams with the mission of giving opportunities to founders across an array of industries, focussing on early-stage companies. Serena Ventures invests in companies aligned with its core themes of diverse leadership (women and person-of-colour), individual empowerment, creativity, and opportunity.


First published on E27