And continue to "burn"! Luckin Coffee responded after completing the $200m B round of financing: subsidies continue!
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On December 12, Luckin Coffee announced the completion of round B financing of US $200m, with a post-investment valuation of US $2.2 billion. Pleasure Capital, Dawei Capital, GIC (GIC), China International Capital Corporation and others participated in this financing. In addition, after the completion of financing, pleasure Capital founder and managing partner Liu Erhai joined the company's board of directors.
At that time, on July 11, 2018, Luckin Coffee announced the completion of round A financing of US $200m, with a post-investment valuation of US $1 billion, making it the fastest growing unicorn in China. Five months later, Luckin Coffee completed round B financing.
In this regard, industry insiders said that Luckin Coffee completed round B financing five months later, and the company's valuation doubled, reflecting investors' high recognition of its business model, entrepreneurial team and future prospects. especially in the context of the current capital tightening more landmark significance.
And how do you plan to use the money after financing? How long will it last? Will you continue to subsidize users?
Luckin Coffee said that the company will continue to increase investment in product research and development, scientific and technological innovation and business development, and constantly optimize the product and user experience. After the completion of this round of financing, the company has plenty of funds and more than $400 million in cash on the account. "judging from the current data, the retention rate of regular users is very high, and Lucky's products are deeply liked by users. The company will insist on appropriate subsidies to users, but the specific methods and intensity of subsidies will be appropriately adjusted according to the business situation. "
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