Luckin Coffee raises $200m to better tap market

Chinese coffee chain Luckin Coffee announced on Wednesday that it has completed its Series B financing round of $200 million, lifting the coffee delivery startup's valuation to an estimated $2.2 billion.

Investors include Singapore's sovereign wealth fund GIC, Joy Capital and China International Capital Corp Ltd.

Liu Erhai, founder and executive partner of Joy Capital, will become a board member of the coffee chain.