LEGAL | Staff Reporter, China

Luckin Coffee targets valuation of US$2 billion

The amount is double the size than its previous valuation of US$1 billion.

Coffee startup Luckin Coffee is looking to do a new round of funding, targeting a valuation of US$1.5 billion to US$2 billion.

According to a report by Reuters, the coffee chain is aiming to collect US$200 million to US$300 million in fresh equity. However, it can still change to US$100 million to US$200 million as it has not been finalized.

Luckin Coffee is said to have established over 1,400 sites across 21 cities in China since first launching last January.

(Also read: Chinese startup Luckin Coffee raises $200 million)

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