Core Insights - Chobani, an American yogurt brand, recently completed a $650 million funding round, raising its post-money valuation to $20 billion (approximately 142.4 billion RMB) [1][2] - The founder, Hamdi Ulukaya, has seen his net worth soar to approximately $13.5 billion, making him the richest person in Turkey [2] Company History and Growth - Chobani was founded 20 years ago when Ulukaya purchased an old yogurt factory for $700,000, despite skepticism from advisors [3][4] - Ulukaya's background in dairy farming in Turkey and his vision to introduce Greek yogurt to the U.S. market were pivotal in Chobani's establishment [5][6] - The company quickly gained market share, with revenues exceeding $1 billion within five years, becoming the leader in the Greek yogurt segment [6] Business Strategy - Unlike traditional marketing strategies, Ulukaya focused on setting competitive prices and utilizing national supermarket chains for distribution [7][8] - Chobani's sales are projected to reach $3.8 billion this year, reflecting a 28% increase from the previous year [8] Financing and Ownership - Chobani has historically had limited financing rounds, with only two significant investments prior to the recent funding [9][10] - The company faced challenges, including a food safety scandal in 2013, which led to a $450 million investment to build a new production facility [10] - In 2016, Chobani granted about 10% of its equity to employees, which diluted TPG's stake to 20% [11] Recent Developments - Chobani has made significant acquisitions, including a $900 million purchase of La Colombe, a premium coffee brand, and a brand called Daily Harvest, marking its entry into frozen foods [13][14][15] - These acquisitions are expected to enhance Chobani's product diversity and valuation potential [15] Market Potential in China - Chobani's success raises questions about the potential for similar models in the Chinese market, where Greek yogurt brands like Wuzhou and Lechun are emerging [16][17] - The Chinese Greek yogurt market is still developing, indicating a competitive landscape ahead [20]