Luckin Coffee gets $1b backing from Abu Dhabi sovereign wealth fund
The coffee chain appointed one of its directors to its board.
Mubadala Investment Company (Mubadala), an Abu Dhabi-based global investor, has invested $1b in Chinese global coffee giant Luckin Coffee.
Mubadala is a sovereign investor owned by the government of Abu Dhabi.
Following the news, Luckin Coffee announced that it is appointing Philip Yifei Bao, Director of Private Equity China within the Private Equity platform of Mubadala, to its board of directors effective 29 September 2026.
Bao worked in private equity and investment banking in London from 2011 to 2017. Bao holds Bachelor of Arts and Master of Engineering (Hons) degrees in Electrical and Electronic Engineering from Gonville and Caius College, University of Cambridge.
The investment comes as Luckin mulls expansion into the Middle East markets, according to a report by CNBC.
