Jay-Z, Serena Williams invest in Indonesian coffee chain

Kopi Kenangan plans to open more than 1,000 kiosks over next two years

Indonesian coffee consumption is expected to rise 54% in the five-year period to the end of September 2020, according to data from the U.S. Department of Agriculture. © Reuters

SHOTARO TANI, Nikkei staff writer

December 23, 2019 21:05 JST

JAKARTA -- Indonesian coffee chain Kopi Kenangan has raised an undisclosed amount from U.S. rapper Jay-Z and former world No. 1 tennis player Serena Williams, the company announced Monday.

Kopi Kenangan raised $20 million in its Series A funding in June, and the new investments are an expansion of the round, the company said. Caris LeVert, a NBA player for Brooklyn Nets, also invested alongside Arrive, Jay-Z's venture capital business, and Serena Ventures.