Wow - Chinese powerhouse, Luckin Coffee is taking on Starbucks.
Founded in 2017, the 18-month old company recently secured Series B funding through BlackRock ($150 million), putting the valuation at $2.9 billion.
You may not have heard of them, but Luckin is quickly emulating Starbucks' intensive expansion strategy. Originally launching in Beijing, Luckin soon expanded into China’s largest cities - specifically where there’s a strong people per capita to wealth ratio. The Chinese coffee giant currently has half the number of locations compared to its US rival in Shanghai, but punches above its weight in Beijing, Guangzhou, and Shenzhen.
They're now looking to take on Starbucks in the US, officially filing for an initial public offering with the U.S. Securities and Exchange Commission.
Exciting times in the world of coffee... #business #investing #starbucks - 6 minutes ago