INDONESIAN coffee retail chain Kopi Kenangan has raised US$109 million in a Series B funding led by its existing backer, Sequoia Capital, the company announced on Tuesday.
Mr Saverin, famously known as a co-founder of Facebook, will join Kopi Kenangan’s board of directors to “build a global brand celebrating Indonesian and South-east Asian flavors”. The company, which employs about 3,000 staff, touts itself as a “new retail” business. Customers can make their orders via an app and collect it at a physical store or have it delivered, similar to China's Luckin Coffee.Kopi Kenangan's sizeable raise could be a sign of continued investor bullishness about the coffee business even after Luckin Coffee's accounting scandal, as well as macroeconomic pressures amid Covid-19.
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