Continuing its recent focus on investing in promising products and new technologies, Tyson Foods announced last week that the company has expanded its investment in plant-based protein produce Beyond Meat.
“Global demand for all protein remains high, and we’re passionate about meeting that demand sustainably,” said Justin Whitmore, Executive Vice President Corporate Strategy and Chief Sustainability Officer for Tyson Foods, in a press release. “Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
Tyson’s venture capital fund opted to participate in Beyond Meat’s most recent fundraising initiative—an initiative designed to generate additional capital to help the business continue to expand its product portfolio and distribution. Tyson’s venture capital fund was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.
Terms of the deal were not disclosed, though the company noted that Tyson Foods’ latest investment increases its ownership stake in Beyond Meat from the 5 percent established a year ago.
“This investment reinforces our focus on protein and enables us to support Beyond Meat’s efforts to produce new, leading-edge products,” added Whitmore. “What we’re most excited about is that we can do all of this while continuing to provide the great-tasting, high-quality food that is the hallmark of our company.”
Beyond Meat noted that the company’s latest fundraising round, which also includes the support of venture capital fund Cleveland Avenue, will be used to expand production, sales, and distribution capabilities and fund the company’s R&D commitment.
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