Hello, OptiMIST People!
Back at it again with KaMIST! Your weekly dose of insights into the latest marketing trends. In this week’s KaMIST we’ll dive into Kopi Kenangan’s journey of going international.
Kopi Kenangan, the first F&B startup in Southeast Asia to achieve unicorn status, keeps growing its market. It is reported that the startup, which is well-known for its coffee menu, may The CEO of Kopi Kenangan, Edward Tirtanata, stated that 10 outlets would be launched in Malaysia during Nexticorn International Summit 2022, which was held on Thursday, September 1, 2022. It is anticipated that these locations will open for business in the fourth quarter of 2022.
“We want to go straight to 5, but later there will be a total of 10. In one country first,” he explained, quoted from CNBC Indonesia.
The first location for Kopi Kenangan to open its branch is in the heart of Kuala Lumpur. Kopi Kenangan has reportedly been spotted, with one store being in Nu Sentral, a retail complex in Kuala Lumpur situated on Jalan Tun Sambanthan, Brickfields. After launching packaged coffee products and successfully being the first F&B unicorn in Southeast Asia, the Kopi Kenangan outlet’s existence in Malaysia will mark a new milestone for the F&B firm.
James Prananto, Cynthia Chaerunnisa, and Edward Tirtanata founded Kopi Kenangan for the first time in 2017. With a capital investment of Rp150 million, the first Kopi Kenangan location was established at the Standard Chartered tower. This first outlet received a lot of support and completed the journey to the break event point (BEP) in just three months. The funds were subsequently used again to launch a second location, which in 4 months reached BEP.
Within a year of operation, the Kopi Kenangan business had grown quickly enough to build 16 outlets and sell 175,000 cups each month. The business of Kopi Kenangan attracted investors as a result of its quick growth. Alpha JWC provided Kopi Kenangan with US$8 million in seed funding in 2018.
Investor interest in Kopi Kenangan then grew until, by the end of 2021, it again got series C investment in the amount of US $ 96 million, or almost Rp 1.3 trillion based on the exchange rate at the time. With this fundraising, Kopi Kenangan became the first F&B startup in Southeast Asia to reach a valuation of US$1 billion, or the equivalent of a unicorn.
Kopi Kenangan also keeps developing new items and growing its business. In addition to beverages, Kopi Kenangan introduced Kenangan Manis, a soft cookie product, in October 2021. Prior to that, Kopi Kenangan introduced Chigo in early 2021, which offers chicken rice bowls with 7 sauce options and 5 chili sauces.
Kopi Kenangan has introduced packaged ready-to-drink coffee products. The launch of this ready-to-drink coffee product is consistent with Kopi Kenangan’s goal to lead the industry. Additionally, it is thought that packaged coffee is progressing favorably.
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