Consumers

Luckin Coffee bags another $150m ahead of US IPO

China's fast-growing coffee chain is clearly on the double espressos. Despite widespread concerns about its cash-burning business model, it has just completed its third funding round in 10 months.

Chinese coffee chain Luckin Coffee bagged $150 million in its latest round of fundraising as the ambitious startup continues to attract investment despite worries about cash flow and the sustainability of its business.

Luckin Coffee's valuation rocketed to $2.9 billion after Thursday’s Series B round led by BlackRock’s private equity fund. The US investment giant invested $125 million, the startup said without disclosing other co-investors.

This marks the third round of funding over the last 10 months for the rapidly growing coffee chain. It raised $200 million each in its A and B funding rounds in July and December respectively last year.

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