Jakarta, CNN Indonesia —
Memories Coffee, the food and beverage (F&B) network is included in the ranks of business status unicorn or with a valuation of US$1 billion or more.
Kopi Kenangan grabbed the status of a unicorn after it received Series C funding for the First Phase of US$96 million or around Rp. 1.3 trillion.
“Through this funding, the company’s valuation has now crossed US$1 billion and places Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia,” said Kopi Kenangan CEO and Co-Founder Edward Tirtanata in an official statement, quoted Monday (27/12).
Edward explained that the Series C funding was led by Tybourne Capital Management, followed by a number of investors from the previous series, such as Horizons Ventures, Kunlun, and B Capital, as well as a new investor, namely Falcon Edge Capital.
He said that this funding was obtained after Kopi Kenangan strengthened its position as a brand with high domestic demand.
Edward said Kopi Kenangan also managed to record good revenue growth over the last 12 months, with sales figures more than doubled compared to the previous year.
According to him, this was successfully done by maintaining a healthy level of profitability at each outlet, while reducing the payback period for each outlet to be shorter.
“Over the past year, the Kopi Kenangan application has also been recorded as the most downloaded coffee application and has won the best ranking in Indonesia,” he said.
With this new funding, the company plans to accelerate its store expansion throughout Indonesia. Kopi Kenangan will also expand its network to reach international markets.
“Our vision is to become the most loved brand by customers in Southeast Asia, in addition, regarding the next 5 years plan, we are committed to rapidly expanding our reach to reach thousands of outlets in Southeast Asia, while complementing our portfolio with products that can meet market needs,” he explained.
(wel / sfr)
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