Starbucks in Partnership with Sequoia Capital for Tech Investments in China
Well-known coffee company Starbucks has partnered up with venture capital firm Sequoia Capital China to co-invest in technology companies in China, the world's second-largest economy.
Starbucks stated that aside from co-investments, it's looking to form "commercial partnerships with next-generation food and retail technology companies."
One of the aims is for Starbucks to boost the digital side of its business in China.
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Dynamic Chinese technology companies
"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," Belinda Wong, chairman and chief executive officer at Starbucks China said in a press release.
.Starbucks, Sequoia China strike partnership to make tech investmentshttps://t.co/46t2YOBah7— The Legale Square (@thelegalesquare) April 27, 2020
Thanks to the partnership, Starbucks will be able to have early access to "ideas in the retail marketplace, creating opportunities for strategic investment," as per the company. The companies that the coffee shop company will invest in will be able to leverage Starbucks' long-standing retail experience, scale, and infrastructure.
Starbucks says in partnership with Sequoia Capital China for investments https://t.co/AjElySFbNT pic.twitter.com/l6aTdGCfbS— Reuters (@Reuters) April 27, 2020
This latest push forward by the company is a clear sign of its work to boost the digital aspect of its business in China, one of its largest markets.
Furthermore, Starbucks noted that it is looking to "explore opportunities to embed digital technologies across all dimensions of its retail business," and improve its decision making through data. The type of technologies it will be looking at will hopefully also assist the company in managing its retail operations in China, optimize its supply chain, and help its inventory management. All crucial aspects of running the business all while encouraging its growth.
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