Starbucks and venture-capital firm Sequoia Capital China have formed a co-investment company, Xinran (Shanghai) Investment, to explore business opportunities in venture capital and investment management.
The executive partner is the Shenzhen unit of Sequoia Capital China, according to company data inquiry platform.
The partnership enables Starbucks to "tap into the most dynamic Chinese technology entrepreneurs" in order to service customers with meaningful innovations created in China, said Belinda Wong, chairman and chief executive officer at Starbucks China.
Despite being in the Chinese market for more than 20 years with nearly 4,300 stores, Starbucks has not operated a large-scale production roastery in the country, according to the company. Sequoia Capital China has stated on its WeChat platform that it will launch strategic collaboration with Starbucks in aspects of next-generation food and retail technology.
Starbucks had announced in March plans to invest $130 million for a production facility in China called the Coffee Innovation Park, Starbucks' first large-scale production roastery in what is now the company's second largest retail market.
