NEW YORK — Applebee and Starbucks have joined forces to raise more than $1.6 billion for a global expansion of its new retail network and expansion into China, according to the company’s latest filing with the U.S. Securities and Exchange Commission.
The announcement of the new funding, which will be used to fund expansion in both locations, comes as Applebee continues to battle rising food costs in China.
The new funding round was led by investment firm Bessemer Venture Partners and will be announced on Thursday, Applebee said.
The company plans to invest in the China business and expand into China in the coming years.
Applebee’s will add over 50,000 retail locations in China over the next three years.
Applebee will expand into over 40 more markets in 2020.
It will also add additional distribution centers in Hong Kong, Taiwan and China, as well as expand into Singapore, Vietnam and Vietnam, the company said.
Applebears global expansion plans include expansion into India and Southeast Asia, as it expands its distribution network to meet growing demand for the coffee chain’s specialty items.