Chinese coffee chain startup Coffee Box announced on Wednesday it secured RMB 206 million ($30 million) in a fresh round of funding, yet another home-grown challenger to Starbucks looking to gain share in the country’s coffee market.
According to a company announcement sent to TechNode, investors include its two co-founders Wang Jiang and Zhang Xiaogao, as well as Chinese venture capital funds Gaorong and Qiming Venture Partners. The follow-on investment comes one year after its RMB 158 million Series B+, which was launched by the same two funds.
Founded in 2014, Shanghai-based Coffee Box started its business by offering on-demand delivery service from coffee chain brands including Starbucks and Costa. The company shifted focus to develop its own brand a year later, building shops near office buildings that allow users nearby to book orders via WeChat and receive their drinks within 30 minutes.