Coffee unicorn: Starbucks challenger raises $200m

Chinese startup Luckin Coffee draws investment from Singapore’s sovereign wealth fund and aims to challenge Starbucks’ dominance by introducing new ways of consumption and payment.

Coffee unicorn: Starbucks challenger raises $200m

Chinese coffee chain startup Luckin Coffee is one of the world’s fastest companies to hit a $1 billion valuation after it raised $200 million on Wednesday from a group of investors including Singapore’s sovereign wealth fund.

The series A round of fundraising was co-led by Singapore’s GIC Private as well as Chinese private equity funds Dazheng Capital, Joy Capital and Legend Capital, Luckin Coffee said in a statement on Wednesday.

Luckin...

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