Category: Press

Beijing, July 11, 2018 – Luckin Coffee announced today that it has completed series A financing of US$200 million at post-money valuation of US$1 billion. The Investors include Centurium Capital, Joy Capital, Government of Singapore Investment Corp (GIC) and Legend Capital.

Luckin Coffee was launched in January 2018, and operates 525 outlets in 13 cities including Beijing, Shanghai, Guangzhou and Shenzhen at the end of May 2018. Through integrated online and offline new retail model, Luckin Coffee stays connected with our customers and engage them anytime, anywhere. Driven by technology, its new retail model is built upon its mobile apps and store network. The mobile apps cover the entire customer purchase process, offering our customers a 100% cashier-less environment. Luckin procures coffee machines and coffee condiments from renowned global suppliers such as Schaerer. We also partner with reputable suppliers for our other products such as juices and light meals. 

Beijing, September 10, 2018 – LOHO, China’s leading fashion eyewear brand, announced today that the company has completed series C funding of nearly US$100 million. The financing was led by Centurium Capital, and the capital raised is expected to be used to improve supply chain enhancement and brand promotion.

Founded in 2012, LOHO is the No. 1 online fashion eyewear brand in China, operating more than 400 stores nationwide in over 100 shopping malls and central business districts in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Chongqing, Chengdu and Changsha. So far, the company has completed three rounds of funding and early investors include Vertex Ventures, KTB Ventures and Sequoia Capital.

Huang Xinzhong, Founder and CEO of LOHO, commented, “We will increase investment in R&D of eyewear and improve user experience, and accelerate our growth.”

LOHO’s key competitive features are its innovative online/offline retail operating model and pioneering fashion eyewear brand positioning. With both online flagship stores and offline stores, consumers have both options to purchase glasses and search store locations, make reservations online and place orders.

LOHO is also a pioneer in M2C (manufacturing to consumers) model, backed by its efficient supply chain, to offer cost-effective eyewear products to customers. It takes only around 20 days from design to new product launch and its products on shelf are updated on a weekly basis. Each store offline is serviced by three to four stylists who are professional optometrists and fashion stylists. LOHO’s products include optical glasses, sunglasses, children’s glasses, sports glasses, glasses with special purpose and cosmetic contact lenses to meet customers for various occasions.

Gary Liu, Executive Director of Centurium Capital, said that the demand for glasses in China is very high, with a market size of nearly RMB100 million. With the rise of young consumers in recent years, the idea of wearing glasses as fashion accessory has been more and more accepted. LOHO’s deep insights in consumer behavior,  efficient supply chain management, R&D capability, forward-thinking strategy has made it a leading brand of eyewear in China.

Beijing, December 12, 2018 – Luckin Coffee announced today that it has completed series B financing of US$200 million, with post-money valuation of US$2.2 billion. The financing was led by Centurium Capital and Joy Capital, and was participated by the Government of Singapore Investment Corp (GIC) and China International Capital Corporation (CICC).  

Headquartered in Xiamen, China, Luckin Coffee started trial operation in January 2018. At the end of November 2018, it has built 1,700 outlets in 21 cities including Beijing, Shanghai, Guangzhou and Shenzhen. The stores are densely located from within 500 meters’ radius of walking distance in core areas in Beijing and Shanghai. Luckin’s coffee beans won the gold award at the 2018 International Coffee Tasters (IIAC) in Milan, Italy in December 2018.

The company completed series A financing of US$200 million on July 11, 2018, with post-investment valuation of US$1 billion, making it the fastest-growing unicorn startup in China. It completed Series B financing of US$200 million in December 2018, only five months later, with post-investment valuation doubled.