Indonesia-based online beverage retail Kopi Kenangan announced that it has raised US$109 million of Series B funding led by existing investor Sequoia Capital. It also welcomes new investors including B Capital, Horizons Ventures, Verlinvest, Kunlun, and Sofina, as well as the company’s first institutional investor Alpha JWC Ventures.
The company plans on using this round of funding to strengthen its operations in Indonesia, launch new products, invest in technology to better serve its customers, and protect employees amid the COVID-19 pandemic.
Kopi Kenangan was founded in 2017 and has since filled a market gap between the high-priced coffee served at international coffee chains, which is priced out of reach of most Indonesians, and the instant coffee sold in the country’s many street stalls. Kopi Kenangan’s approach of offering recipes that cater to local tastes and its ‘new retail’ model combining the online and the offline world was its main selling point, allowing customers to order its locally sourced coffee blends ingredients through an app.
Read more: e27.co
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