Luckin in US$150m fundraising
Print Edition
Chinese startup Luckin Coffee has completed its Series B+ round of financing worth US$150 million, the company said yesterday.
The funding, of which US$125 million was invested by BlackRock and which came four months after the coffee chain picked up US$200 million in investment, lifts the company鈥檚 valuation to about US$2.9 billion, the company said in a statement.
As an emerging market player that rivals Starbucks, Luckin Coffee started trial operation in January last year.
It sells coffee at brick-and-mortar stores while also delivering products through online orders.
The Xiamen-based coffee chain startup has been expanding at a fast clip since its official operation in May 2018, with over 2,000 outlets opened in 36 Chinese cities by April 10.
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