Oon & Bazul’s Mergers & Acquisition Practice, together with counsels in Indonesia, successfully acted for Kopi Kenangan, Indonesia’s fastest growing New Retail F&B chain, in closing a US$96 million Series C funding round, giving the company a valuation of more than US$1billion and placing it as the first “new retail” F&B unicorn from Southeast Asia.
Kopi Kenangan was founded in 2017 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa to fill in the gap in the Indonesian market between the high-priced coffee served at international coffee chains, and the instant coffee sold in the street stalls. Customers were offered the convenience of ordering through an app and either having coffee delivered to their doorstep or picking it up at one of Kopi Kenangan’s many stores across the country. The online and offline retail model was extremely well received, and Kopi Kenangan has grown to employ more than 3,000 staff in over 600 stores across 45 cities in a little over 4 years.
With the latest round of funding, Kopi Kenangan will accelerate the expansion of its new brands, Cerita Roti, Chigo and Kenangan Manis across Indonesia, and continue to build the Kopi Kenangan network and broaden its footprint internationally.
The oversubscribed Series C round was led by Tybourne Capital Management, with participation from existing investors including Horizons Ventures, Kunlun, and B Capital, and new investor, Falcon Edge Capital.
Corporate Partner and Head of M&A Ng Yi Wayn led the Singapore team in this transaction.