JAKARTA. Kopi Kenangan, one of the largest coffee shop chains in Indonesia, has just obtained US$ 109 million from a Series B funding round led by Sequoia Capital.
In an official statement received at idnfinancials.com, Kopi Kenangan will use the funds to strengthen its operations in Indonesia. In addition, the company will also allocate funds to protect its employees in the midst of the COVID-19 pandemic.
“As a growing startup, we adapt quickly to these challenges through contactless sales and hygiene standards that we uphold,” explained Edward Tirtanata, Founder and CEO of Kopi Kenangan.
Previously, Sequoia Capital had also led the Series A funding round for Kopi Kenangan in June 2019.
Rohit Agarwal, Vice President of Sequoia Capital, said that his party was optimistic about the Series B funding round for Kopi Kenangan, due to the growth of its business. “F&B is one of the biggest business sector in Southeast Asia and Kopi Kenangan has built a very authentic identity,” Argawal said on the same occasion.
Source: IDN Financials
Date: 18 May 2020