Tyson Ventures—the venture capital arm of meat company Tyson Foods—recently invested an undisclosed amount in San Francisco-based vegan startup New Wave Foods. Founded in 2015, the startup produces a plant-based shrimp alternative and is expected to expand within the food-service sector in early 2020. Its first shrimp product is made with sustainably sourced seaweed and plant protein, and contains all eight essential amino acids that are found in meat and seafood. New Wave also plans to create plant-based crab and lobster. “We’re excited about this investment in the fast-growing segment of the plant-based protein market,” Amy Tu, president of Tyson Ventures, said. “This continues our focus of identifying and investing in companies with disruptive products and breakthrough technologies related to our core business so we can continue to serve a growing global population.” Tyson previously held a 6.5 percent stake in vegan company Beyond Meat but sold its portion to pursue development of its own plant-based meat alternatives. In June, the company announced the launch of its Raised & Rooted brand aimed at “flexitarians” that is not vegan but includes products such meatless nuggets made with eggs and burgers that blend beef and plants.
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