Tim Hortons China wins the second round of financing! Background stories and trends of Tim Hortons

Today, Tim Hortons announced a news that Tim Hortons China has completed a new round of financing and will continue to increase investment in the Chinese market in the future. This round of financing is led by Sequoia Capital China Fund, increased holdings by Tencent, and followed by Zhong Ding Capital.

This is the second round of financing received by Tim Hortons in China, with the first round coming from a strategic investment from Tencent in May 2020.

In February 2019, Tim Hortons opened its first store in Shanghai, China, officially entering the Chinese market, and now has coverage in cities such as Shanghai, Dalian and Zhengzhou. When Tim Hortons received investment from Tencent in 2020, it revealed that it would open more than 1,500 stores in China in the future, plan to use the money to further expand digital infrastructure construction, and cooperate with Tencent to explore digital upgrading of online channels, while quickly opening more stores to meet the needs of consumers.

After obtaining the second round of financing, Tim Hortons said it plans to add more than 200 cafes in 2021, including standard stores, Tims Go and theme stores, and will remain unchanged in its plans to open 1500 cafes across the country in the next few years. It will also try to enter the coffee retail sector.

Tim Hortons is the number one restaurant chain in the Canadian fast food industry. It dominates the Canadian coffee, pastry and fast food market. 80% of Canadians visit at least once a month. It has become an important part of Canadian culture. It is also known as the "legendary Cafe of North America".

From this, we can see that Canadians recognize and love the brand of Tim Hortons Coffee Shop. There must be a reason why it can become a national brand recognized by a nation. Let's learn about Tim Hortons's past life and this life.

In fact, Tim Hortons originally sold hamburgers. What a surprise! At that time, hockey star Tim Horton was persuaded by partner Charade to enter the restaurant industry. By that time, Charade had already opened a coffee and doughnut shop, but was not well known. He wanted to capitalize on the popularity of the star and name it after Tim Horton, which could greatly boost the business. But Tim Horton was more interested in hamburgers at the time, and the two had to jointly open a hamburger hot dog restaurant in North Bay, Ontario.

Later, the hamburger business was so bad that Tim Horton and Charade had to open their first Tim Hortons at the old gas station in Hamilton, Ontario, with only two products-coffee and doughnuts.

Today, Tim Hortons not only provides coffee and doughnuts, but also gradually offers a series of new products, such as pie, croissant, soup, sandwiches, fancy coffee and so on. At present, Tim Hortons Coffee continues to introduce innovative drinks and food localization measures while retaining classic products. It has opened more than 150 cafes in 10 first-and second-tier cities in China, mainly located in shopping centers, and supports WeChat Mini Programs, ele.me, Meituan and other platforms to place orders.

Today, Tim Hortons sells more than 2 billion cups of coffee worldwide every year, and Tim Hortons has become the most famous coffee shop in Canada. It can be seen on every street corner in the city center, and people walking along the road are holding a cup of Tim Hortons coffee. Tim Hortons coffee has become the most symbolic thing in Canada besides maple leaves, ice hockey and ice wine.

Lu Yongchen, CEO of Tim Hortons China, said that he is full of confidence in the Chinese market and firmly believes that the rapid popularization of coffee in China will bring huge market potential. "I look forward to working together in the future to tap the potential of more Tim Hortons coffee brands and at the same time promote the healthy development of China's coffee ecosystem."

* Image source: Internet