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Starfield, China’s leading plant-based food technology company, announced on Tuesday the completion of a Series B funding round totaling $ 100 million, led by Primavera Capital Group and followed by Zeng Ming, Chairman of the Alibaba Academic Committee
Existing Starfield shareholders, including Sky9 Capital, Joy Capital, Matrix Partners and Lightspeed China Partners, also participated in the financing. Additionally, Starfield announced that its first production base and first self-built factory will be located in Xiaogan City, Hubei Province.
This is the fifth round of funding since Starfield’s inception in 2019. Sky9 Capital led the Series A funding round in August 2020 and has continued to invest in subsequent rounds. Interest in Starfield’s development reflects the rapid growth of the industry and the recognition of plant proteins by the Chinese market and consumers.
Since its founding, Starfield has integrated the R&D, production and sale of plant-based foods containing non-GMO soybeans or super foods (such as chickpeas, quinoa and microalgae) as the main raw materials.
Starfield has cooperated with more than 100 domestic and foreign catering brands and entered more than 14,000 outlets in China. Its partners include juice and tea drink outlets, large-scale fast food chains, convenience stores, cafes, new stores, supermarkets and other locations popular among generation consumers. Z.
The company has co-branded partnerships with companies such as HeyTea – China’s most popular tea store chain, Luckin Coffee – China’s largest coffeehouse chain, Dicos fast food chain, Hema Fresh – Alibaba
Starfield’s rapid growth continued during the pandemic. Starting in 2020, Starfield and FamilyMart jointly launched products that have been very popular. Starfield also had a very successful initial cooperation with HeyTea in bakery stores, where they launched a variety of new products. In Q1 2022, Starfield and HeyTea will collaborate again to launch at least one new product based on Starfield’s new plant-based black pepper beef, which stands out for its beef-like texture.
Kiki Wu, Founder and CEO of Starfield, said, “After the funding, we will continue to introduce more delicious plant-based green foods at reasonable prices based on food science technology, to create better food experiences for Generation Z consumers and to deliver a lifestyle culture.
Starfield’s long term goal is to build a great lifestyle brand. The company therefore pays particular attention to the product experience and communication with users. Many consumers find Starfield to be genuine and sincere in their messages, with the overarching goal of increasing awareness of healthy eating. For example, the company jointly launched the “Urban Food Plan” with boutique restaurants and cafes, created a “Starfield Neighborhood Community” with consumers, and launched the “1% Lunch Box Program” for help children in rural areas eat healthier foods.