Kopi Kenangan today (7/25) announced funding in the closing of “growth round” from Sequoia India. It’s worth $20 million or around 282 billion Rupiah. This is the follow-on funding of the previous $8 million from Alpha JWC Venture in October 2018.
Post funding, the startup founded by Edward Tirtanata and James Prananto is to focus on making the more personalized experience and efficient production process. The realization is on the app development and IoT implementation in outlets.
This app will be developed further to be “private barista” for consumers. They can have information on the coffee recipe or taste – as if they asking the real barista at the cafe.
Founded in 2017, Kopi Kenangan has opened 80 outlets in 8 cities. Based on the data, the average order has reached 1 million per month. Aside from perfecting the app, the fresh fund will also be used for expansion to more cities, opening 150 new outlets by the end of this year.
We’ve been informed that the startup is at a “profitable” stage. It boosts their confidence to the level of Southeast Asia expansion in the next few years.
Since the debut, Kopi Kenangan has been offering “new retail” concept, by elaborating online technology but keep the offline shop experience. Consumers can order coffee through the app and pick it up from the selected outlet – or using a delivery service like Grab or Gojek.
There is a competitor, with a similar business model and concept, named Fore Coffee. The new retail concept is there with business support and funding from East Ventures. In addition, Anomali Coffee has offered a similar online-offline model for coffee orders.
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Original article is in Indonesian, translated by Kristin Siagian
