Watch out Starbucks, there’s a coffee shop preparing for an expansion! According to the Jarkata Post, Indonesian coffee chain Kopi Kenangan has received funding from Shawn “Jay-Z” Carter and Serena Williams.
The company announced an expansion of its June Series A round with additional investments from Jay-Z’s Arrive, Serena Williams‘ Serena Ventures, Brooklyn Nets‘ basketball player, Caris LeVert, and Sweetgreen CEO and co-founder Jonathan Neman.
“We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute,” said Neil Sirni, Arrive co-founder and president in a press release. “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.”
Kopi Kenangan opened by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa in 2017 has managed to fill a void between the high-priced coffee served at international coffee chains and the instant coffee sold at many street stalls. Just last year, Kopi Kenangan, operated 16 stores and served a few thousand cups a day. Now, they have expanded to over 200 stores and serve more than 3 million cups of beverages monthly.
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Kopi Kenangan is the fastest-growing grab-and-go non-franchise coffee retail chain in Southeast Asia. “We are humbled to have been able to reach an important milestone in our two years’ journey,” said Cynthia Chareunnisa, co-founder and chief marketing officer. “We recognize that this is a joint effort from our Teman Mantan which includes our baristas and employees, partners, shareholders, and most importantly our customers who have made us top-of-mind for Kopi Susu.”
The company has future plans to add more than a thousand 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,” said Edward Tirtanata, CEO and co-founder. “We have come a long way since our humble beginnings two years back and want to continue learning and improving our service and products to meet the expectations of our customers in Indonesia and other markets.”
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