Starbucks challenger Luckin's fundraising spree continues with $150M investment

Coffee startup Luckin is continuing its fundraising spree as it sets its sights on becoming an alternative to Starbucks in China. The fresh proceeds valued Luckin at $2.9 billion post-money, up from $2.2 billion just four months ago. While many question Luckin's cash-fueled expansion, Blackrock, which owns a 6.58 percent stake in Starbucks, showed its confidence in the Chinese startup by pumping $125 million into Luckin's new round through its private equity fund.