Chinese Luckin Coffee Raises $200M Series A Round From GIC At Unicorn Valuation

Beijing-based on-demand coffee delivery service start-up Luckin Coffee has completed US$200 million series A round of financing from Singapore’s sovereign wealth fund GIC, China’s Legend Capital, Joy Capital, and Centurium Capital. This fundraising round values Luckin Coffee at US$1 billion, reaching a unicorn valuation.

According to International Coffee Organization’s report, China’s coffee consumption in 2015 was about RMB70 billion (US$10.5 billion), and China’s coffee market is expected to reach RMB1 trillion (US$150 billion) by 2025. International investment bank Goldman Sachs said in a report that the rapid growth of coffee market was adapting to “millennial” consumer demand.

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