On July 13, the tea drink chain announced the completion of a new round of financing, setting a new record for China's milk tea industry.
HeyTea, a Chinese tea-drink brand, announced on July 14 that it had secured USD 500 million in a new round of financing, raising capital from IDG Capital, He Boquan, Longzhu Capital, Sequoia China, BA Capital, Tencent, Hillhouse Group, Coatue and other investors. With the completion of this latest round, the market valuation of HeyTea reached CNY 60 billion (about USD 9 billion). Before that, the company had completed a Series C in March 2020, led by Hillhouse Capital China and Coatue Management.
Nayuki's Tea, a close competitor of HeyTea, officially listed its shares on the Hong Kong Stock Exchange on June 30. It is currently valued at around USD 3.7 billion.
HeyTea is a tea catering management enterprise, with white-collar workers and younger generations as the target consumer groups. The firm is committed to creating a brand-new beverage consumption model, integrating traditional milk tea with healthy tea culture.