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August 24, 2020updated 28 Mar 2022 10:41am

China plant-based meat firm Starfield to invest in R&D

Starfield, a China-based supplier of plant-based meat alternatives, has set out planned areas of investment after completing its Series A round of fundraising.

By Dean Best

Starfield Food and Science Technology, a China-based supplier of plant-based meat alternatives, has set out planned areas of investment after completing its Series A round of fundraising.

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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:
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  • What is the effect of lockdowns on Chinese ports?
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  • How might the Chinese government react?
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by GlobalData
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The company, based in Shenzhen, plans to set up its own R&D facility in the Chinese city, as well as launch retail products after having focused on supplying foodservice customers.

More than 20 foodservice chains use Starfield’s products, a roster of clients that will grow this autumn with foodservice operator Dicos launching items across its 2,600 outlets in the country.

Added to angel investments, the Series A funding means Starfield, which started out as a restaurant business in Shenzhen, has attracted US$10m in investment to date. Backers include local investment firm Dao Foods, which finances early-stage companies offering plant-based alternatives to meat in China.

Starfield plans to spend close to CNY10m (US$1.4m) to set up its own “research and development lab/factory” in Shenzhen. The company is also planning to launch “co-branded retail products”, including burgers, salads and sandwiches.

“The core mission of Starfield is to enable consumers to live a sustainable lifestyle in harmony with the earth and the environment. Our goal is to become an impactful food technology company, bringing healthy and environmentally friendly products to every corner of the world and promoting the development of sustainable food technology globally,” Starfield co-founder Kiki Wu said.

From just-food’s interview pages, June 2020: “This industry is so nascent” – Dao Foods investor Tao Zhang on taking plant-based meat mainstream in China

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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