Kopi Kenangan’s $109m Series B attracted GIC, tripled startup’s valuation to $477m

Singapore sovereign wealth fund GIC Pte has invested $15 million in Indonesian coffee chain Kopi Kenangan in yet another caffeine shot for the institutional investor that has previously backed scandal-embroiled Luckin Coffee.

Salween Investment, a GIC vehicle, was the second-largest investor in Kopi Kenangan’s recent $109 million Series B funding round, accounting for about 14 per cent of the fundraise, according to data compiled by DealStreetAsia.

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