China’s new popular coffee brand Luckin Coffee may just become another unicorn on the country’s tech scene in half a year.

The Beijing-based coffee retail store is reported to have raised $200 to 300 million in Series A funding, valued at more than $1 billion, according to 36Kr (in Chinese). The company didn’t respond to requests for comment by the time of publishing

Luckin Coffee started trial operations at the beginning of this year and has undertaken aggressive expansion. It opened 40 stores in the week of June 5. Until now, it has opened more than 500 stores in 13 cities. During an interview in early May, funder and CEO Qian Yazhi, former COO at UCAR, one of China’s biggest car rental services, said the company had served more than 1.3 million customers and sold around 5 million cups.

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Jiefei Liu

Jiefei Liu is a Beijing based tech reporter. She focuses on the union of tech and content creation and loves agriculture. You can write to her at Jiefei@technode.com