Culinary startup company, Kopi Kenangan raised Series B funding with worth US$109 million led by India’ venture capital, Sequoia Capital. Other existing investor, Alpha JWC Ventures and a number of new investors like B Capital, Horizons Ventures, Verlinvest, Kunlun and Sofina also join the funding series.
Edward Tirtanata, founders and CEO of Kopi Kenangan said on Tuesday (May 12), the operator will use the funding to strengthen its operations in Indonesia, launch new products, invest in technology, and various efforts to protect employees in the midst of the COVID-19 pandemic.
Recently, Tirtana has told media to offer Kopi Kenangan shares through an initial public offering in 2022. He also has plans to expand his business to Southeast Asia in this year and rebranding its products name to be more accepted internationally.
The company was founded by Tirtanata and James Pranoto in 2017 as an expansion of the food and beverage business that they have been engaged in. The affordable coffee business concept has received a warm welcome from consumers. The number of coffee sales (take away) at the first outlet in 2017 reached to 1,000 cups per day.