Dao Foods co-founder Tao Zhang Addresses Starfield Fundraise in Vegconomist
Three years ago, if I had asked any of my international contacts to invest in a few Shenzhen-based entrepreneurs who do not speak much English, were not educated at famous schools and at the time didn’t even have a well-articulated business plan, they likely would have said no. But they would have missed out, because that company, Chinese plant-based food producer Starfield Food Science & Technology, recently closed a $100M Series B fundraising round, its fifth, making it the fastest-growing plant-based brand in China with its products in over 14,000 stores across the country.
It came as something of a surprise to international investors and consumers, but it shouldn’t have. Starfield was named New Consumer Brand of 2021 by Brand Planet, 2021’s Most Valuable Investment Brand by Huxiu, and Inspur New Consumption’s Most Valuable New Food Brand of the year, and its sustainability efforts have also been recognized by Shanghai Bang. Thanks to relationships with 100+ Chinese food brands the company’s products are already available nationwide including large fast-food chains, convenience stores, cafes, supermarkets and other retail outlets, including brands like HeyTea, Luckin Coffee, FamilyMart, Dicos, Tim Hortons, Hema Fresh, and others.