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Serena Williams, Jay-Z, and More Invest in Indonesian Coffee Company

A little-known coffee shop is receiving big-name patronage. Kopi Kenangan has just nabbed celebrity investors as a part of its venture capital efforts. The Indonesian coffee chain recently received backing from NBA player, Caris LeVert, Serena Williams’ Serena Ventures, Jay-Z’s Arrive, and Sweetgreen CEO, Jonathan Neman, according to Line Today. Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, the founders of Kopi Kenangan, established the company two years ago, to provide a middle ground between lower-end and more expensive coffee . Apparently, they have found that sweet spot. According to TechCrunch, the company raised $20 million through a Series A funding round earlier this year; the new, undisclosed investments increase the total yield. The funds will be used for expansion and for further technological development. The chain will add several new local stores and kiosks, and is expected to capture an overseas market by 2020. Its use of technology currently facilitates...

Dec 24, 2019