Tyson to Invest in Food Tech
Tyson New Ventures LLC will receive a $150 million grant from the parent company to invest “in companies developing breakthrough technologies, business models and products to sustainably feed a growing world population,” according to a release from the company.
The fund will concentrate on three areas: alternative proteins, cutting food waste and improving productivity in the food chain. Its first investment, which predates the actual establishment of the fund, was a 5 percent stake in Beyond Meat, a California company that is rolling out a line of plant-based meat substitutes.
“We intend to collaborate with promising food entrepreneurs who are pioneering new products and technology that are making meaningful changes and improvement to food systems,” Monica McGurk, executive vice president of strategy and new ventures and president of foodservice for Tyson Foods, said in a statement.
General Mills started a similar venture, 301 Foods, last year. It also has a small stake in Beyond Meat.