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)