BEIJING (Reuters) – Tim Hortons China has completed a new fundraising round from Sequoia Capital China, Tencent Holdings and Eastern Bell Capital, the coffee series said Friday.
The money will be used to expand the country’s outsourced sales network, 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 stores in 2021 in China, and its plan to open 1,500 stores in the country “in the next few years” remains unchanged. The coffee chain currently operates more than 150 stores in China, having entered the country two years ago.
Reciting with Sophie Yu, Brenda Goh; Edited by Shri Navaratnam