Manner Coffee (上海茵赫实业有限公司)

Manner Coffee began in 2015 as a single roadside stall with lines that spilled directly onto a crowded Shanghai street. Today, it has over 300 stores, most of them in Shanghai, and is planning a Hong Kong IPO to raise as much as $300 million to continue its expansion.

Manner set itself apart by honing in on a younger crowd. It has quickly become known for its creamy flat whites, a chic store design, and prices 30% to 40% lower than Western chains. It’s also eco-friendly: Customers who bring their own cup can get a coffee for just 10 yuan ($1.50).

Manner received its first investment from Today Capital in October 2018, then the following year, it began its national expansion after a $12 million Series A investment from Today Capital. It added stores in five cities: Suzhou, Beijing, Chengdu, Xiamen, and Shenzhen.

2021 has been a watershed year for the company. Thanks to investments from Temasek, Meituan, and ByteDance, from June to October, it built around 150 new stores — more than one every day.