Tyson Ventures is investing in a second alternative meat producer.
Tyson Ventures, the venture capital arm of Tyson Foods, Inc., has invested in food tech startup Memphis Meats, a leader in cultured meat produced directly from animal cells. The investment follows an investment in plant-based protein producer Beyond Meat.
While the terms were not disclosed, Tyson Foods investment represents a minority stake in the business. Tyson Foods joins a diverse group of investors in Memphis Meats, which includes industry leaders, top venture investors and mission-driven groups.
“We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate,” said Justin Whitmore, executive vice president corporate strategy and chief sustainability officer of Tyson Foods. “We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”
“We are excited that Tyson Foods will be joining us in our mission to bring meat to the table in a sustainable, affordable and delicious way,” explained Uma Valeti, M.D., co-founder and CEO of Memphis Meats. “Our vision is for the world to eat what it loves, in a way that addresses today’s challenges for the environment, animal welfare and public health. We are accelerating our work and building out a world-class team to make this a reality.”
Memphis Meats expects to use the funds to accelerate product development. The company is recruiting to expand its team of chefs, scientists, creative people and business people.
To learn more about why Tyson Foods is investing in cultured meat and plant-based protein, click here, where President and CEO Tom Hayes shares his perspective.
Source: Tyson Foods, Inc.