Fast-growing Chinese coffee chain Luckin Coffee is now valued at $2.2 billion after raising $200 million in its most recent campaign, the Financial Times reports, as the company pursues its goal of chipping away at Starbucks’ market dominance.
“We will continue to increase capital investment in product research and development, technological innovation and business development, and continue to optimize product and user experience,” said Luck CEO Qian Zhiya.
Investors this time round included Singapore’s sovereign wealth fund, China International Capital Corporation and Centrium Capital, according to Luckin.
In July, Luckin raised $200 million, which brought its valuation to $1 billion. The chain has exploded onto the market following its inception earlier this year, already operating 1,700 stores across 21 Chinese cities.