According to foreign media reports on May 16th, a new emerging coffee chain brand called About Time Coffee, incubated by Dai Wei, opened its first store in Gramercy Park, one of the most idyllic neighborhoods in New York. It quickly expanded to four chain locations in Manhattan. In addition, Dai Wei is rumored to have founded a mobile power rental startup in Seattle.
In terms of products, About Time Coffee focuses on cold brew, pearl coffee, taro coffee, and other beverages. In terms of pricing, the price range is between $3 and $7, which is $1 cheaper than Starbucks’ average selling price.
In terms of operations, it bears a striking resemblance to Luckin Coffee. According to the About Time Coffee official website, consumers can order coffee online through the application and pick it up instantly. In addition to the existing four fixed locations, it also has mobile pickup points around the city. Furthermore, new users who download the app and register for the first time can receive five free cups of coffee, aiming to gain high exposure and user activity.
It is worth mentioning that About Time Coffee has already raised over $10 million in funding at a valuation of $40 million. The investment comes from institutions such as IDG Capital, ZhenFund, and Wei Lai Capital.
The influx of capital may be closely related to Dai Wei’s personal connections. ZhenFund and Beijing Wei Lai Capital were supporters of ofo.
According to the enterprise information platform Qichacha, Wei Lai Capital invested several million yuan in the angel round of ofo in 2015 and subsequently participated in ofo’s Pre-A and B rounds. ZhenFund participated in ofo’s A+ round in 2016.