Ambitious Chinese upstart Luckin Coffee completed a new round of Series B+ funding, bringing in $150 million to boost its total valuation to $2.9 billion, the company said Thursday.

A private equity fund managed by BlackRock led the funding with $125 million, Luckin said.

To expand its market share, the coffee chain prioritizes delivery and offers steep discounts and easy-to-use mobile-app ordering.

The new capital comes at a much-needed point in Luckin’s rapid early growth: The firm has an ambitious plan to set up more than 2,000 new stores in China this year.

In 2018, Luckin completed two rounds of fundraising, raising $200 million each round. Earlier this year, sources said it was preparing for an IPO in the U.S., in an attempt to raise around $300 million. Luckin declined to comment on the potential listing.

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