What happened: China’s coffee startup Luckin Coffee has completed $200 million Series B at a valuation of $2.2 billion. Joy Capital, Tai Chung Capital, Singapore Government Investment Corporation (GIC), CICC and other companies participated in the funding. With the new funding, Luckin aims to further cut its delivery time, which is already within half an hour.
Why it’s important: The fundraising comes as Luckin Coffee expands at breakneck speed across China. The firm’s supercharged growth is propelled by capital. In July, Luckin raised a $200 million Series A bringing its valuation to $1 billion. While its rival Starbucks is entering a partnership with Alibaba’s Ele.me to boost its delivery and other online capabilities, Luckin Coffee tied up with Tencent as part of the latter’s smart retail strategy.