Chinese coffee chain startup Luckin Coffee is one of the world’s fastest companies to hit a $1 billion valuation after it raised $200 million on Wednesday from a group of investors including Singapore’s sovereign wealth fund.
The series A round of fundraising was co-led by Singapore’s GIC Private as well as Chinese private equity funds Dazheng Capital, Joy Capital and Legend Capital, Luckin Coffee said in a statement on Wednesday.
Luckin Coffee’s rapid rise to a billion-dollar company underscores the massive liquidity in China’s private equity market and the huge demand for investment into early-stage companies that are poised to disrupt the industry.
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