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Chinese Startup Luckin Coffee’s Valuation Doubles To $2.2 Bln

From: finance.yahoo.com

BEIJING/SHANGHAI, Dec 12 (Reuters) – Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp in China, said on Wednesday it has raised $200 million in its latest funding round, increasing the company’s valuation to $2.2 billion.

The fundraising was led by investors including Singapore sovereign wealth fund GIC and China International Capital Corp Ltd, Luckin said in a statement.

Reuters had reported in November that the coffee chain was targeting a valuation of $1.5 billion to $2 billion in a new round of funding and was in early-stage talks with investment banks about an overseas initial public offering.

The firm’s supercharged growth plan has been built on cheap delivery, online ordering and big discounts, making it a thorn in the side of larger U.S. chain Starbucks.

In July, Luckin raised $200 million from investors including GIC, bringing its valuation to $1 billion. That made it one of the fastest firms in China to reach unicorn status.

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