Starbucks China banks on tech investments with Sequoia partnership
The coffee giant will look to form “commercial partnerships with next-generation food and retail technology companies”.
Starbucks has partnered with Sequoia Capital China to tap into the country’s tech businesses.
Through the strategic partnership, the chain said it will make strategic co-investments with the venture capital firm and “commercial partnerships with next-generation food and retail technology companies to propel digital innovation” in China.
The move also marks Starbucks’ latest move in its plans to grow the coffee and retail industry in China, one of its two lead growth markets alongside the United States.
“Starbucks has an insatiable appetite for innovative ideas that augment the Starbucks Experience and keep it at the forefront of China’s retail landscape,” Belinda Wong, chairman and chief executive officer of Starbucks China, said in a press release.
The collaboration with Sequoia Capital China enables the coffee giant to have early access to ideas in the retail marketplace, creating opportunities for strategic investment to evolve the business.
Aside from “direct benefits” from the collaboration, Starbucks said it also hopes to leverage its “retail expertise, scale and infrastructure to help realize the growth aspirations of like-minded purpose-driven companies that have a passion for leading positive change for customers and communities.”
