Luckin Coffee announced today that it has received additional $150 million new investments based on the Series B-round financing that was completed in November 2018. The company was valued at $2.9 billion after the investment.
It is reported that a private fund under BlackRock is the lead investor, contributing a total of $125 million. According to Reuters, the investors also include Singapore sovereign wealth fund GIC and China International Capital Corp Ltd.
According to Yahoo Finance, BlackRock is the second largest shareholder of Starbucks, with a shareholding ratio of 6.58 percent and a stock value of over $5.2 billion.
In July 2018, Luckin Coffee announced the completion of a $200 million Series A round of financing, with a post-investment valuation of $1 billion. In December, the company announced the completion of the $200 million Series B round of financing, with a valuation of $2.2 billion. Joy Capital, Beijing Dazheng Management Consulting Corporation, Singapore Government Investment Corporation (GIC), and China International Capital Corporation (CICC) participated in the financing.
Jenny Qian Zhiya, founder and CEO of Luckin Coffee revealed earlier that the goal of 2019 is to build 2,500 new stores, with a total of over 4,500 by the end of this year. The company now aims to become the largest coffee chain in China, surpassing Starbucks in terms of outlets. According to its official website, as of January 2019, it has set up altogether over 2,000 stores in 22 cities including Beijing, Shanghai, Guangzhou, Xi’an and Qingdao.