Buoyed by Kopi Kenangan funding, Indonesia's coffee startups risk going off the boil due to COVID-19

A coffee shop in Bandung, Indonesia. Photo by Ali Yahya on Unsplash

Since landing its first external funding in 2018, Indonesian coffee chain Kopi Kenangan has hogged the limelight for understandable reasons. It has now gathered over $130 million in capital from a diverse set of investors, including global funds, celebrities and regional venture capitalists.

Away from the spotlight and amid debates about the sustainability of the coffee business, Indonesia has seen other local startup founders jump into the fray. Just when it seemed the market and investors were starting to warm up to the on-demand coffee business, the coronavirus outbreak appears to have made them all go off the boil.

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