Starfield Food and Science Technology, China’s leading plant-based meat supplier, has raised another US$100 million in funding for expansion.
This is the 5th round of fund raising for the Shenzhen-based company which was setup in 2019. Starfield supplies to the foodservices like Dicos, which is a China-equivalent of KFC, and convenience store customers like FamilyMart in China. Its products are sold in more than 14,000 stores in China.
Starfield will also be building its first self-owned factory in Xiaogan, in China’s central Hubei province. It will make hundreds of different plant-based foods such as minced meat, sausages, and meatloaves, helping Starfield upgrade products faster and at lower cost.
China is the world’s largest consumer of pork, and its plant-based meat segment is one of the fastest growing sector with rising number of new entrants (investors) from both domestic and overseas.