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.
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.