Tyson Foods Invests in Cultured Meat with Stake in Memphis Meats
January 29 2018 - 10:00AM
Tyson Ventures, the venture capital arm of Tyson Foods, Inc.
(NYSE:TSN), has invested in food tech startup Memphis Meats, a
leader in cultured meat produced directly from animal cells. The
investment is an example of Tyson Foods’ commitment to explore
innovative, new ways of meeting growing global demand for
protein.
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,
such as DFJ, Atomico, Cargill, Bill Gates and Richard Branson.
“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 currently 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.
About Tyson Foods, Inc. Tyson
Foods, Inc. (NYSE:TSN) is one of the world’s largest food companies
and a recognized leader in protein. Founded in 1935 by John W.
Tyson and grown under three generations of family leadership, the
company has a broad portfolio of products and brands like Tyson®,
Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®
and State Fair®. Tyson Foods innovates continually to make protein
more sustainable, tailor food for everywhere it’s available and
raise the world’s expectations for how much good food can do.
Headquartered in Springdale, Arkansas, the company has 122,000 team
members. Through its Core Values, Tyson Foods strives to operate
with integrity, create value for its shareholders, customers,
communities and team members and serve as a steward of the animals,
land and environment entrusted to it. Visit www.tysonfoods.com.
Contact: Gary Mickelson, 479-290-6111,
gary.mickelson@tyson.com
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