The vegan industry has been growing, which means that there has been a higher demand for plant-based products. However, it was surprising to hear that meat giant Tyson Foods has decided to invest in meat alternatives by creating a meat-free fundraiser.
Tyson Foods created Tyson New Ventures LLC, a $150 million venture capital fund. Their purpose is to invest in new companies that fall under the food and agriculture categories, including alternative proteins, food waste and food insecurity, as well as the “internet of food.”
“We intent to collaborate with promising food entrepreneurs who are pioneering new products and technology that are making meaningful changes and improvement to food systems,” said Monica McGurk, Tyson Foods’ president of food services and executive vice president of strategy and new ventures.
The million dollar capital fund will be based in Chicago, Illinois, and will be led by Mary Kay James, who is vice president and general manager.
Tyson New Ventures’ very first investment was announced last October when the company received a 5 percent stake in Beyond Meat, a manufacturer of plant-based burgers, crumbles, chicken and meatballs. Their popular “Beyond Burger” is currently available at 22 Grill Locations and 144 Whole Foods Markets around the US.