Tim Hortons China eyes 200 additional stores after fresh investment

Since entering China two years ago, Tim Hortons has opened more than 150 shops in 10 cities.

Tim Hortons China said it completed a new fundraising round from Sequoia Capital China, Tencent Holdings and Eastern Bell Capital, and plans to add more than 200 shops to its network this year.

Reuters reported that Toronto-based firm said the funds would be channeled into building more outlets as well as its digital infrastructure and brand. It did not disclose how much cash it raised.

The chain added it also plans to enter the coffee retail market this year, which could involve opening a store on Alibaba Group’s Tmall online marketplace.

Since entering China two years ago, Tim Hortons has opened more than 150 shops in 10 cities.