Agrifood Tech | August 27, 2020

China’s Starfield Food & Science Technology snags $10 million to expand plant-based meat offerings

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Aug. 27 – The alt-meat market is less developed in China, but producers are racing to get a foothold in the world’s largest consumer market.

Shenzhen-based Starfield derives protein from seaweed to make meat substitutes from burgers to mooncakes. Its Series A round was backed by Chinese investors including Sky9 Capital, Matrix Partners China and Joy Capital, and follows seed funding from Beyond Meat backer New Crop Capital and impact-focused Dao Foods International.

Starfield will use the funding to build a research lab in Shenzhen and support the roll out of new products. The company said it is partnering with 20 food chains representing more than 2,600 outlets across China.

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Food security

Meat alternatives have been gaining favor as a way to reduce planet-warming emissions and obesity. COVID-19, which is believed to have sprung from a live animal market in Wuhan, China, has focused attention on a new set of health risks. The Chinese government aims to halve the country’s meat consumption by 2030.