The move comes following the completion of a new fundraising round from Sequoia Capital China, Tencent Holdings and Eastern Bell Capital.
This latest round of funding comes two years after Tim Hortons, the Canadian coffee and donut chain, first debuted into the Chinese market. Although Tim Hortons has not disclosed the amount of its latest fundraising, the brand has commented that the funds will be used to open new stores, build its digital infrastructure and develop its brand presence within the market.
Since entering the market two years ago, Tim Hortons has opened more than 150 outlets in 10 cities and has appealed to local taste buds by launching products such as the lemon peach oolong tea and hot sandwiches, which are available alongside its usual offering.
The brand also plans to enter the coffee retail market later this year which could see Tim Hortons open a store on Alibaba’s Tmall online marketplace.
