An Indonesian-based coffee company received a giant boost in funding thanks to investments from billionaire MC Jay-Z and tennis icon Serena Williams. Kopi Kenangan announced it raised $20 million in its Series A funding last June and Jay-Z and Williams’ investments are an expansion of that, reported the Nikkei Asian Review.
Jay-Z and Williams made the investments through their respective companies Arrive and Serena Ventures, according to HypeBeast. While the exact amount of their investments has not been made public, co-founder Edward Tirtanata said the money will be used to expand overseas and upgrade its outlets and technology.
“We have come a long way since our humble beginnings two years back and want to continue learning and improving our service and products to meet the expectations of our customers in Indonesia and other markets,” Tirtana said.
According to TechCrunch, Kop Kenangan is “unashamedly local,” sourcing ingredients from its own backyard and using raw materials like organic palm sugar. It’s best-selling drink is a sweet Indonesian blend called “Es Kopi Kenangan Mantan.”
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Neil Sirni, president and co-founder of Arrive, said they invested in the company because the company inspires them.
“We are inspired by Kopi Kenangan’s tenacity, vision, and ability to execute. “In just two years, they have expanded to 18 cities, 200 stores, and over 1,800 employees. We’re excited to be an investor in and partner to Kopi Kenangan as they introduce Indonesian-style coffee to the world,” Sirni said in a press release.
Kopi Kenangan was founded in 2017 and is said to be the “fastest growing ‘grab-and-go’ coffee chain in Southeast Asia. Nielsen named it “the number one in top-of-mind awareness in the Kopi Susu or milk coffee category,” the press release states.
“We are humbled to have been able to reach an important milestone in our two years’ journey,” said Cynthia Chareunnisa, another of the company’s co-founders, who also serves as its chief marketing officer. She credits their success with being a team effort.
“We recognize that this is a joint effort from our Teman Mantan which includes our baristas and employees, partners, shareholders, and most importantly our customers who have made us top-of-mind for Kopi Susu.”