Chinese coffee chain M Stand has secured US$77.3 million during its Series B round of financing, aiming to reach 100 retail stores by the end of this year.
Led by Qicheng Capital and Black Ant Capital, the second round of investment received by M Stand this year is joined by two existing shareholders, CMC Capital and Challenger Capital. The post-investment valuation was estimated at about US$617 million.
The funds raised will be used for recruitment, development of supply chains and digital operations.
Founded in 2017 in Shanghai by a young entrepreneur named Ge Dong, M Stand is known for its coffee served in fresh coconuts or edible cups made from oatmeal cookies. The brand’s store design draws young Chinese customers with its trendy minimalist concept.
Positioning itself as ‘China’s Starbucks that serves the young generation’, M Stand completed its first round of investment earlier this year, raising about US$15.4 million. The chain was estimated to be worth US$108 million after the Series A round.
As of last January, M Stand had more than 10 outlets in the country. The Chinese coffee chain now has a presence across Shanghai, Shenzhen, Hangzhou and Ningbo.