Chinese coffee chain upstart Luckin Coffee has raised $150 million in a Series B+, following a $200 million Series B in December, according to an announcement from the company. The funding was raised at a valuation of $2.9 billion, up from $2.2 billion valuation in December.

Of the total amount, a private equity arm of US investment and management cooperation BlackRock contributed $125 million. The investor behind the remaining sum was unspecified.

The two-year-old Starbucks challenger has been an investor darling since its inception. The current $350 million round follows a $200 million Series A that closed in June.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.