Core Insights - Chobani, an American yogurt brand, recently completed a $650 million funding round, raising its post-money valuation to $20 billion, making its founder Hamdi Ulukaya the new Turkish billionaire with a net worth of approximately $13.5 billion [2][5][6] Company History and Growth - Founded in 2005, Chobani started with a $700,000 bank loan to purchase an old yogurt factory from Kraft, which had been in operation for 84 years [5][6] - Ulukaya's background in dairy farming in Turkey and his vision to introduce Greek yogurt to the U.S. market led to the brand's rapid growth, capturing a significant market share in a previously dominated sector [7][8] - By 2012, Chobani's revenue exceeded $1 billion, establishing it as the leading brand in the Greek yogurt segment [8] Business Strategy - Unlike typical consumer brands that rely on heavy advertising or low pricing, Chobani focused on setting competitive prices while ensuring profitability and utilized national supermarket chains for distribution [8] - The company has seen a 28% year-over-year growth, with projected net sales reaching $3.8 billion this year [8] Financing and Ownership - Chobani has historically limited its financing rounds, with only two significant investments prior to the recent funding, including a $750 million investment from TPG in 2014 [10][11] - After overcoming a food safety scandal and market challenges, Ulukaya regained control of the company, increasing his ownership stake to 90% [12] Recent Developments - Chobani's failed IPO attempt in 2021 led to strategic acquisitions, including a $900 million purchase of La Colombe, a premium coffee brand, and the acquisition of Daily Harvest, a plant-based frozen meal brand [15][16] - These acquisitions are aimed at diversifying Chobani's product offerings and enhancing its market valuation [16] Market Potential in China - The success of Chobani raises questions about the potential for similar models in the Chinese market, where brands like Wuzhou and Lechun are emerging in the Greek yogurt segment [18][19] - The Chinese Greek yogurt market is still developing, indicating a competitive landscape ahead for brands aiming to capture this emerging segment [22]