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Chinese startup Luckin Coffee raises $200 million
The coffee chain reached a valuation of $1 billion.
Luckin Coffee, the on-demand coffee delivery startup that has set its sights to become local rival to Starbucks, announced that it has raised $200 million in a fundraising round.
As reported by Reuters, investors in the coffee chain include Singapore sovereign wealth fund GIC.
Luckin, which started operations just this year, says it has already opened 525 stores in 13 cities across China as of May, in a concentrated push to get consumers to its stores and via online delivery with low prices and fast delivery times.
“The funds we raise will be used for product research, technology innovation and business development,” Luckin CEO Qian Zhiya said.
(Photo credit: Luckin Coffee)
