The founders of Indonesian coffee chain startup Kopi Kenangan have launched an angel investment fund targeting early-stage Indonesian companies, DealStreetAsia has reported.
Coined ‘Kenangan Fund’, its average ticket size ranges from US$10,000 to US$150,000 per investment and is sector-agnostic.
Besides an investment into logistics startup Dropezy last week, the fund has also backed other local startups including fintech platform Bukukas, podcast company Noice, and automotive firm Otoklix.
Launched in May 2020 by Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, the co-founders of Kopi Kenangan, the investment vehicle is also understood to have received commitments from the trio’s unnamed friends .
Also Read: Caffeinated expansion: How Kopi Kenangan achieves its goal of opening one new store per day
Due to the nature of the fund, it doesn’t have a formal general partner, limited partner, or any other commitment to a third party.
Though the fund bears the name of the coffee chain startup, Tirtanata clarified in the report that the investments made under the fund are not linked to Kopi Kenangan’s business and operations.
Started in 2017, Kopi Kenangan has experienced rapid growth and has raised a total of US$237 million in funding from over 14 investors including Sequoia Capital, Alpha JWC and B Capital. Last year, the company raised US$109 million in a Series B funding round led by Sequoia Capital.
e27 has contacted Kopi Kenangan for more information and the article will be updated in due course.
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Image Credit: Kopi Kenangan
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