Herbert Smith Freehills’ Indonesian associate firm Hiswara Bunjamin & Tandjung (HBT) has advised Kopi Kenangan on a Series C fundraising, which placed the company as the first New Retail F&B unicorn in Southeast Asia.

Kopi Kenangan, Indonesia's fastest growing New Retail F&B chain, raised US$96 million in the round. It will use the proceeds to support rapid growth of its home-grown coffee brand, expanded product offerings (ranging from bread to "chicken on the go" and soft-cookie brands), its international expansion to become a regional player (and beyond), and its entry into the FMCG sector.

“Kopi Kenangan's rapid growth embodies the flourishing Indonesian retail sector,” said HBT managing partner Tjahjadi Bunjamin. “A long-term client of the firm, we have advised Kopi Kenangan on its business licensing and previous fundraisings, and look forward to its continuing success.”

The Series C fundraising included both primary offers and secondary sales of shares. The Series C round was led by Tybourne Capital Management, with participation from a new investor Falcon Edge Capital and existing investors including Horizons Ventures, Kunlun and B Capital.

HBT partners Tjahjadi Bunjamin and Teguh Arwiko led an Indonesian team advising the client, with senior associate Stephanie acting as the lead associate for the fundraising and the key contact between the client and investors, supported by associates Yurico Mandali and Fransiska Larasati.