Luckin Coffee has become China’s first coffee shop unicorn, raising $200m in a funding round that values the chain at $1bn as it builds a war chest to try to challenge Starbucks’ dominance.
Founded last year, Luckin claims to have opened more than 500 stores in China in just five months. It serves lattes at prices about 30 per cent lower than Starbucks and provides subsidised deliveries to office workers.
The fundraising round highlighted China’s booming venture capital investment scene, which in recent years has created more than 60 unicorns — unlisted companies with valuations of at least $1bn.
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