Deepti Sri · · 1 min read🇨🇳 foodtech firm served $100m from Alibaba exec, others
China-based Starfield, a plant-based foodtech company, has raised US$100 million in its series B financing round led by Primavera Capital Group, Pandaily reported.
Zeng Ming, chairman of the academic committee of Alibaba Group, also took part in the round, along with existing Starfield shareholders such as Sky9 Capital, Joy Capital, Matrix Partners, and Lightspeed China Partners.
In March 2020, the company raised an undisclosed amount from New Crop Capital, a US-based VC that was an early investor in protein-substitute major Beyond Meat, and Dao Foods International, a China-focused investment firm that backs companies focused on plant-based food and alternative proteins.
Starfield also said that its first production base and self-built factory will be located in Xiaogan, a city in Hubei province.
See also: The rush among food delivery apps to deliver more than just food
Editing by Collin Furtado and Lorenzo Kyle Subido
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