BEIJING, April 18 (Xinhua) -- Chinese start-up Luckin Coffee has completed its Series B+ round of financing worth 150 million U.S. dollars, the company said Thursday.
The funding, among which 125 million U.S. dollars are invested by BlackRock, which came four months after the coffee chain picked up 200 million U.S. dollars in investment, lifts the company's valuation to about 2.9 billion U.S. dollars, according to the company's statement.
As an emerging market player that rivals Starbucks, Luckin Coffee started trial operation in January last 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 last year.
Once a major consumer of tea, China has seen an expanding coffee consumption market, which is expected to be worth about 1 trillion yuan by 2025, according to an industry report.