China's Luckin Coffee filed it's S-1 today. Impressive growth - 0 to 2,370 stores in 2 yrs - but let's take a look under the hood.
Net Rev 💰: $125M
Net Loss 📉: $241M
TLDR: I don't think $100M+ loss is justified for a coffee biz where there's no IP and ⬇ barrier to entry.
I do find this interesting though - expansion via delivery/fulfillment kitchens.
I'm curious how these numbers stack up to Bluestone and other more sustainable businesses.
April 2018: unknown seed round
June 2018: $200M Series A
December 2018: $200M Series B
April 2019: $150M Series B+
That's a LOT of money raised for one year. Will be looking forward to seeing if the volume makes up for it + if we'll see similar competitors.
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