The development comes less than a week after the 18-month-old company announced $150 million in Series B “plus” funding led by the private equity firm Blackrock, which pumped $125 million into the company in a deal that values Luckin at $2.9 billion.
As TechCrunch reported last Wednesday, Blackrock also owns a nearly 7 percent stake in Starbucks, the nearly 50-year-old American coffee company that has taken over the world and now finds itself in a knock-down-drag-out battle with the Beijing-based upstart.
It’s hard to blame Blackstone — which has itself raised $126 billion(!) over the last 12 months — for hedging its bets. While Starbucks now enjoys a market cap of nearly $94 billion, and its stock has more than doubled over the last five years to a current $76 per share, Luckin has been growing like gangbusters, fueled by the more than $550 million it has raised to date, including a $200 million Series A round that it closed last July, and a $200 million Series B round that it announced in December.