The startup will use the funds to set up new stores, invest in R&D, as well as to develop its own mobile app, which will help the user to locate nearby stores, pre-order beverages with exact pick-up time, and pay online.
Founded by serial entrepreneurs Edward Tirtanata and James Prananto, Kopi Kenangan is a grab-and-go coffee chain which owns 100 per cent of its stores; it means the startup does not operate on a franchise model.
The coffee chain currently operates 16 stores in Greater Jakarta area, with plans to operate a total of 30 stores by December 2018. The coffee chain has more than 20 items on its menu and the trademark product is iced-coffee named Es Kopi Kenangan Mantan, which consists of espresso, fresh milk, and local palm sugar.
The startup claims to have managed to sell up to 175,000 cups per month.
“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,” said Alpha JWC’s Co-founder and Managing Partner Jefrey Joe.
According to Co-founder and CEO Tirtanata, the coffee chain places the highest emphasis on quality and taste, and uses only the best ingredients to create the drinks, including fresh milk, organic palm sugar and export-grade coffee beans.
“Most of the big coffee business chains in Indonesia are either foreign brand and/or priced expensively. We saw the opportunity to fill in the gap in the affordable, yet good quality coffee. We also want to show that local SME players, like us, can compete with international chains,” Tirtanata added.
“We do not rely on on-demand delivery providers. Instead, customers come looking for us,” said Co-founder and COO Prananto. “We open stores in many kinds of locations, from office basements, mall lower grounds, gardens, to the suburbs, and the reception and sales are all great. This means that our products have found our market fit and well-loved by our customers everywhere.”