James Prananto, cofounder of Indonesian unicorn coffee chain Kopi Kenangan, is foraying into venture capital (VC) with the closing of a $12 million fund by the recently established Kopital Ventures.

The cofounder and group CEO of Southeast Asia’s first food-and-beverage unicorn, Kopi Kenangan, says the unlisted firm is Indonesia’s largest coffee chain, now selling nearly 6 million cups a ...