Luckin Coffee Completes Series B Financing of US$200 Million at Valuation of US$2.2 Billion

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.