The funding round is led by investors including Singapore sovereign wealth fund GIC and China International Corp.
Luckin Coffee has raised US$200 million in its series B funding round.
According to a report by Reuters, this allows the company to reach a valuation of US$2.2billion. The fundraising was led by their investors such as Singapore’s sovereign wealth fund GIC and China International Corp.
This is the second time Luckin Coffee held a funding round. Last July, they also raised US$200 million, where it is said to be used for product research, technology innovation and business development.
The coffee chain now has more than 1,700 outlets in China since first launching in 2017.
(Also read: What’s driving the brewing coffee war in China?)
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