Luckin Coffee raises 200 mln USD in B round financing

Source: Xinhua| 2018-12-12 22:59:27|Editor: Mu Xuequan
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XIAMEN, Dec. 12 (Xinhua) -- Chinese start-up Luckin Coffee has completed its Series B round of financing worth 200 million U.S. dollars, the company said Wednesday.

The funding, which came five months after the coffee chain picked up 200 million U.S. dollars in investment, lifts the company's valuation to about 2.2 billion U.S. dollars, according to the company's statement.

Investors include Joy Capital, Dazheng Capital, Singapore's sovereign wealth fund GIC and China International Capital Corporation.

As an emerging market player that rivals Starbucks, Luckin Coffee started trial operation in January this year, selling coffee at brick-and-mortar stores while also delivering products by online orders.

It expanded quickly, opening more than 1,700 chain stores in 21 cities across the country by the end of November.

Luckin Coffee will continue to expand product research, technology innovation and business development, said the company's CEO Qian Zhiya.

Once a major consumer of tea, China has seen an expanding coffee consumption market, which is expected to be worth about one trillion yuan by 2025, according to an industry report.