Ofo Founder Launches New Coffee Brand ‘About Time’ Amid Controversy

Dai Wei, identified for founding the troubled bike-sharing agency Ofo, has launched a brand new espresso chain within the United States named ‘About Time’ Coffee. Despite his earlier enterprise’s demise, which left tens of millions in unrefunded deposits owed to its customers, Dai Wei is forging forward in a brand new business.

Ofo, as soon as a pioneer within the bike-sharing area, confronted vital challenges that in the end led to its downfall. The firm owed an unlimited quantity of unrefunded deposits to its customers, a debt that has been a major level of controversy for Dai Wei. Despite this cloud over his previous enterprise, the entrepreneur has managed to seek out success in his newest venture.

‘About Time’ Coffee, the brand new espresso chain, has reportedly secured 4 prime areas in downtown New York and sells its signature chilled pearl espresso. The espresso chain has gained vital reputation, with its iced boba espresso turning into a development on social media platforms, equivalent to TikTook and Instagram.

During an interview, About Time CEO Marian Chen acknowledged, “We have a model that has been proven effective in China.” She claimed that their espresso tastes higher however is cheaper than Starbucks. The model follows the same method to the favored Chinese espresso chain, Luckin Coffee, dealing with orders and funds by means of a cellular app whereas additionally accumulating buyer information to supply custom-made reductions and coupons.

SEE ALSO: Fallen Bike-Sharing Platform Ofo’s New Deposit Refund Measures Questioned by Chinese Netizens

About Time’s signature iced boba espresso is freshly ready and sealed in a pull-tab can, promoting for 4 USD, roughly a greenback cheaper than the common worth of Starbucks within the U.S. To entice clients, one of many billboards exterior the Gramercy Park retailer reads, “The first five cups are on us.”

While Dai Wei isn’t concerned within the each day operations of About Time, Chen talked about that he assisted in assembling the About Time staff and organized conferences with buyers, appearing as a unifying pressure for the staff. She highlighted that Dai Wei holds a minority stake within the firm.

Dai Wei’s newest enterprise has attracted substantial funding regardless of his controversial previous. The espresso model has raised over USD 10 million from buyers and has reached a valuation of USD 40 million. Investors embody IDG, ZhenFund, and Beijing Hunter Capital (an early investor of Ofo).

The entrepreneurial journey of Dai Wei—from the rise and fall of Ofo to the launch of ‘About Time’ Coffee—demonstrates his resilience and skill to innovate throughout industries. As ‘About Time’ continues to develop, it is going to be fascinating to see how Dai Wei navigates the espresso business and whether or not he can put the controversies of his previous behind him

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