In brief: Luckin Coffee banks $200m from Singapore’s GIC, others

Luckin Coffee, a tech-driven coffee chain with ambitions to challenge Starbucks in China, said it has raised US$200 million in its latest funding round.

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

Reuters reported in November that the coffee chain is targeting a valuation of US$1.5 billion to US$2 billion as it launches a new round of funding.

Source: Reuters