Venture Capital: Starbucks Strikes Deal with Sequoia on Chinese Investment Partnership
Starbucks Corporation (NASDAQ: SBUX) has launched a partnership with venture capital firm Sequoia. The two companies will co-invest in China and look to launch “commercial partnerships with next-generation food and retail technology companies.”
In a statement, Starbucks said it will provide retail expertise, infrastructure, and scalability to targeted companies.
“Starbucks has an insatiable appetite for innovative ideas that augment the Starbucks experience and keep it at the forefront of China’s retail landscape,” said Belinda Wong, Chairman and CEO of Starbucks China.“The partnership enables Starbucks to tap into the most dynamic Chinese technology entrepreneurs in order to delight our customers with meaningful innovations created in China, for China.”
Starbucks Corporation in China
This is the latest deal Starbucks completed for the purpose of expanding its reach in the world’s second-largest economy. In 2018, the firm launched a partnership with Alibaba Group (NYSE: BABA) to start the delivery of its goods. Last month, Starbucks China announced it would build a Coffee Innovation Park to boost its international roasting network. The firm also announced a plant-based platform in China, that will include new drinks and food options.
The new partnership will center on the use of data, analytics, and modeling for decision making, according to the statement.
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