Luckin Coffee, China’s high-flying coffee chain, has said it wants to challenge Starbucks’ leading position in the industry. Some may call it a boaster, but investors are actually backing the plan.
The young startup said Wednesday it has completed its Series B fundraising, raising $200 million from a group of investors including Joy Capital, Centurium Capital, CICC and GIC Private, Singapore’s sovereign wealth fund.
The investment came as a little surprise since the coffee chain has just raised another $200 million from its series A funding round five months ago, with Joy Capital, Centurium Capital and GIC Private both participated.
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