January 18, 2021


Plant-based meat startup in China raises US$100 million

 

 

Plant-based meat startup Starfield Food Science & Technology has raised US$100 million in their fifth funding round led by Primavera Capital Group, a private equity firm.

 

The fresh capital will be used for product development and the purchase of laboratory equipment. In addition, it will be used for talent recruitment, improving distribution channels, and enhancing marketing and brand promotion.

 

Other investors include Alibaba's strategy chief, Ming Zeng, Sky9 Capital, Joy Capital, Matrix Partners China, and Lightspeed China Partners.

 

The company located in Shenzhen, China, works with businesses such as restaurants, convenience stores, and coffee chains to sell plant-based foods to consumers.

 

Starfield products can be found in 14,000 stores across China. The company's production facility is in Xiaogan, Hubei province. 

 

Kiki Wu, co-founder, and CEO of Starfield, said the funding will allow Starfield to introduce more green food products that are delicious, healthy, and priced reasonably.


Wu said Starfield's customers are between 18-30 years old, and females slightly outweigh males. She said a growing number of China's Generation Z (born between mid to late 1990s to early 2010s) prefer plant-based foods for a healthier lifestyle.

 

-   Starfield Food Science & Technology

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