Saturnbird
三顿半咖啡
Saturnbird (三顿半) is a Chinese specialty instant-coffee brand founded in 2015, known for bridging the convenience of instant coffee with the quality of specialty brews. Its signature innovation is a freeze-dried crystalline powder—packaged in distinctive small cups—that dissolves in cold or hot water or milk while preserving aroma and flavor, letting users make specialty-grade coffee without equipment . FreeS Fund led its Pre-A round in late 2018, its first institutional investment, and has followed on through subsequent A and A+ rounds led by Tiantu Capital . The brand broke out on Tmall: it ranked first among domestic coffee brands during 2018 Double 11, then surpassed Nestlé to become the top coffee brand overall during 2019 Double 11, with that day's sales exceeding its entire prior-year revenue . Saturnbird targets young consumers—90s-born users rose from roughly 40% to 70% of its Double 11 base within a year—and has expanded from its Changsha headquarters to open a Shanghai office . In 2023 reporting, HongShan (formerly Sequoia China) was also noted as an investor, with partner Hu Ruodi having led or co-led the deal .
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Coverage
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What Exactly Is "The Big Fool"? "The big fool" — this phrase has been making the rounds in Chinese tech and investment circles lately. But what does it actually mean? In the context of China's startup and venture capital ecosystem, "the big fool" (大傻子, or sometimes used more playfully as 大冤种) typically refers to the last investor or buyer who gets stuck holding an overvalued asset when a bubble bursts. It's the greater fool theory in action — but with a distinctly Chinese flavor of self-deprecating humor. The term gained traction as valuations in sectors like consumer brands, SaaS, and even certain corners of AI became divorced from fundamentals. Founders joke about needing to find "the big fool" to close their next round. Investors privately warn each other not to become "the big fool" in deals where due diligence reveals more red flags than they can ignore. There's also a softer usage: the earnest operator who keeps grinding in a broken market, believing in fundamentals while others chase hype. In this sense, "the big fool" carries a whiff of tragic admiration — the person doing the hard, unglam
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