Chinese coffee chain Luckin Coffee has raised $200m in its latest funding round, bringing its valuation to $2.2bn as the fast-growing company challenges the dominance of Starbucks in China.
Investors in the round include Singapore’s Government Investment Corporation, China International Capital Corporation alongside Joy Capital and Centrium Capital, the company said on Wednesday.
Luckin has expanded to 1,700 stores across 21 cities and claims customers in downtown Beijing and Shanghai now have a store within a five minute walk.
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