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January 14, 2022updated 07 Apr 2022 3:47pm

China alt-meat business Starfield raises US$100m in funding

The investors in the Series B round include Alibaba’s chief strategy officer.

By Dean Best

Starfield Food and Science Technology, a China-based plant-meat supplier, has raised another US$100m in funds for expansion.

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The Series B round follows a Series A tranche completed in 2020, which, at that point, took the funding it had attracted to $10m.

Starfield, set up in 2019 in Shenzhen, supplies foodservice and convenience-store customers in China, including Dicos, seen as the country’s domestic equivalent to KFC.

Beijing-based investment firm Primavera Capital Group led the Series B round, confirming the move on LinkedIn. Just Food has contacted Primavera for further comment.

According to Nikkei Asia, Alibaba’s strategy chief, Ming Zeng, also invested in the round. Starfield, meanwhile, attracted fresh investment from existing investors including Sky9 Capital, Joy Capital and Lightspeed China Partners, the business publication reported.

China, the world’s largest consumer of pork, is seeing its own market for plant-based meat rapidly develop. It’s still small compared to markets in North America and western Europe but a number of domestic players have emerged, while multinationals ranging from Cargill to Nestlé are investing in the market.

Smaller, overseas players are also making efforts to carve out footholds in China. Yesterday (12 January), fledgling Australian firm All G Foods told Just Food it plans to set up a subsidiary in China by July, with local manufacturing to follow over the next 12 months.

Related Companies

Free Whitepaper
img

What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?

While wanting to protect the country from being overwhelmed by Omicron, China’s adherence to a Zero-COVID policy is resulting in a significant economic downturn. COVID outbreaks in Shanghai, Beijing and many other Chinese cities will impact 2022’s economic growth as consumers and businesses experience rolling lockdowns, leading to a slowdown in domestic and international supply chains. China’s Zero-COVID policy is having a demonstrable impact on consumer-facing industries. Access GlobalData’s new whitepaper, China in 2022: the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry, to examine the current situation in Shanghai and other cities in China, to better understand the worst-affected industry sectors, foodservice in particular, and to explore potential growth opportunities as China recovers. The white paper covers:
  • Which multinational companies have been affected?
  • What is the effect of lockdowns on foodservice?
  • What is the effect of lockdowns on Chinese ports?
  • Spotlight on Shanghai: what is the situation there?
  • How have Chinese consumers reacted?
  • How might the Chinese government react?
  • What are the potential growth opportunities?
by GlobalData
Enter your details here to receive your free Whitepaper.

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