BEIJING (Reuters) – Tim Hortons China has completed a new fundraising round from Sequoia Capital China, Tencent Holdings (OTC:) and Eastern Bell Capital, the coffee chain said on Friday.
The funds will be used to expand its outlet network in the country, build digital infrastructure and invest in its brand, according to a statement posted on Tencent Investment’s official WeChat account.
Tim Hortons China confirmed the details, but did not disclose how much money was raised.
Tim Hortons China also said it aims to add more than 200 shops in 2021 in China, and its plan of opening 1,500 stores in the country “in the next few years” remain unchanged. The coffee chain currently operates more than 150 shops in China, after entering the country two years ago.
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