Kopi Kenangan Announces Funding Raise Of IDR 282 Billion From Sequoia India
Focus on app personalization and ambition to expand into Southeast Asia market
Kopi Kenangan today (25/7) announced the acquisition of funding in closing "growth rounds" from the Indian Sequoia. Its value reaches $ 20 million or equivalent to 282 billion Rupiah. This funding is being continued previous round $8 million from Alpha JWC Venture in October 2018.
After the capital increase, the startup founded by Edward Tirtanata and James Prananto will focus on creating a more personalized experience and efficiency of the production process. Its realization is in application development and application of IoT technology in outlets.
The application will be developed in such a way that it feels like a "personal barista" for consumers. Through the application, consumers can get information about the amount or taste of the coffee ordered -- just like they would ask a barista at a cafe.
Since its establishment in 2017, Kopi Kenangan has 80 outlets in 8 cities. From the data submitted, the average coffee order is almost 1 million cups per month. In addition to perfecting the application, with this funding, Kopi Kenangan will also intensify its expansion to various cities by opening 150 new outlets by the end of the year.
It was informed that the startup is also in a state of "profitableThis achievement makes Kopi Kenangan confident to immediately expand to Southeast Asia in the next few years.
Since its debut, Kopi Kenangan offers draft "new retail", namely by elaborating technological capabilities online while still providing a shopping experience offline. Consumers can order coffee using the application, to then be picked up from the selected shop -- or ask for it to be delivered through a service Grab or Gojek.
With almost the same concept and business model, there are also other players, namely Fore Coffee. Draft new retail also offered with business support and funding from East Ventures. In addition, there is also Anomali Coffee which offers a model online-offline similar to ordering coffee products.