In brief: China’s startup Starbucks challenger now valued at $2.9b

Source: TechInAsia

  • China’s Luckin Coffee, a self-declared challenger to Starbucks, has raised US$150 million in its latest round of funding, which values the company at $2.9 billion, reports Reuters today.
  • The investment, US$125 million of which came from a private equity fund managed by BlackRock, follows a US$200 million round in November that had increased the company’s valuation to $2.2 billion, Luckin said in a statement.
  • It wants to open 2,500 cafes this year to reach around 4,500 in total, thereby displacing Starbucks as China’s largest coffee chain.