Indonesian coffee chain Kopi Kenangan snags $8m seed funding from Alpha JWC

Indonesia-focused venture capital firm Alpha JWC Ventures has invested $8 million in the seed funding round of local coffee chain Kopi Kenangan, founded in 2017 by entrepreneurs Edward Tirtanata and James Prananto, a company executive told DEALSTREETASIA.

In the last one year, Kopi Kenangan has opened 16 outlets in the Greater Jakarta area, and it targets to touch 30 by December. It is targeting to become the fastest-growing non-franchise coffee chain in Indonesia with more than 100 stores in the near future. It claims to sell up to 175,000 cups per month.

The ‘grab and go’ coffee chain is built on a non-franchise model with the objective of maintaining operational standards and quality.

“We place the highest emphasis on quality and taste…but with competitive pricing that matches the needs of rising urban middle class,” says co-founder and CEO Edward Tirtanata.

The startup will deploy proceeds from the round on store expansion, R&D and mobile app development.

Kopi Kenangan, which has over 20 items on its menu, is popular for its trademark iced-coffee, ‘Es Kopi Kenangan Mantan’. “We do not want to be a one-hit wonder. With continuous R&D, we will bring the best menu variations, such as tea-based drinks, that can cater to many taste preferences and prove that Kopi Kenangan is more than just coffee,” co-founder and COO James Prananto said.

Kopi Kenangan operates its stores across a variety of locations from office basements, mall lower grounds, gardens to the suburbs. The mobile app, which is on the drawing board, will have a store locator, pre-order facility, payment support, and many other features.

“We believe that technology can help businesses in Indonesia to scale in so many sectors. One sector that we are focusing on is the sustainable consumer sector. Kopi Kenangan is a good example on how technology could potentially help the rapidly growing coffee chain to scale even faster and create a better experience for customers,” says Alpha JWC Ventures co-founder and managing partner Jefrey Joe.

Alpha JWC Ventures, which bets on sectors like fintech, consumer, data analytics, logistics tech, recently launched its second fund of $100 million. Alpha JWC recently added two Indonesia-based companies into its portfolio list by backing the seed round of neuroscience and sensory analytics company Neurosensum and smart capsule hotel startup Bobobox.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.