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Financials

China startup Luckin Coffee raises $200 mln in latest funding round

BEIJING, Dec 12 (Reuters) - Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp in China, said on Wednesday it has raised $200 million in its latest funding round, bringing the company’s valuation up to $2.2 billion.

The fundraising was led by investors including Singapore sovereign wealth fund GIC Pte Ltd and China International Capital Corp Ltd, the company said in a press release.

Reuters reported in November that the coffee chain is targeting a valuation of $1.5 billion to $2 billion as it launches a new round of funding. (Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)

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