The Southeast Asian non-franchise grab-and-go beverage retailer Kopi Kenangan has raised an eye-watering US$109 million in Series B funding led by the firm’s existing investor, Sequoia Capital.
The new funds will be put to good use by helping to strengthen its operations in Indonesia, launch new products, invest in technology enhancements and protect employees during the ongoing coronavirus pandemic. The company has also revealed plans to offer a wider range of food and beverage products from local merchants as well as its cloud kitchens.
“The hospitality industry is facing the biggest existential crisis of our generation, it’s hard to tell when the sector will return to normal but when it does, it will look very different. As a growing startup, we are adapting quickly to the challenge through contactless commerce and uncompromising hygiene standards throughout our stores. The well-being of our employees is a big priority and we are investing in their safety, along with enhanced health benefits and additional training to help them cope with this massive change.” – Kopi Kenangan co-founder and CEO Edward Tirtanata.
