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Startups

China's Luckin Coffee adds $150m to war chest aided by BlackRock

Homegrown chain big on delivery services, forces Starbucks to adapt

Luckin Coffee has opened 2,000 stores since its founding less than two years ago, emerging as a serious challenger to Starbucks in China.   © Reuters

NEW YORK -- China's Luckin Coffee has raised $150 million from investors led by BlackRock, the Starbucks challenger said Thursday, lifting the valuation of the startup to $2.9 billion.

A fund managed by BlackRock, the world's largest asset management firm, contributed $125 million to the round, Beijing-based Luckin said.

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