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.

Fore Kopi shares jumped 34% to 252 rupiah at midday trading in Jakarta. The benchmark index for Indonesian stocks climbed 1.9%, recouping some of the losses from last week.