Tyson Ventures Invests in New Wave Foods
September 05 2019 - 6:55AM
Tyson Foods, Inc. (NYSE: TSN), through its corporate venture
subsidiary, Tyson Ventures, has completed an investment in New Wave
Foods®. Based in San Francisco, New Wave Foods is focused on
producing plant-based shellfish and plans to have a shrimp
alternative ready for food service operators in early 2020.
“We’re excited about this investment in the fast-growing segment
of the plant-based protein market,” said Amy Tu, president of Tyson
Ventures. “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.”
“We worked with the Culinary Institute of America to set the
gold standard for this product and then created a plant-based
shrimp that has had rave reviews from the thousands of people who
have tasted it,” said Mary McGovern, CEO of New Wave Foods. “Our
plant-based shrimp cooks and tastes just like the real thing, and
it matches the texture, taste, performance and versatility of
shrimp fresh from the ocean. The proof is in the overwhelming,
positive response we have had to the product.”
New Wave’s product is based on co-founder and chief technology
officer, Michelle Wolf’s extensive collaboration with a team of
some of the very best, most experienced R&D professionals in
the U.S. This eclectic team included leading food scientists
as well as academics. The company’s first offering, a plant-based
shrimp, is made with sustainably sourced seaweed and plant protein,
and contains all 8 essential amino acids that are found in all
meats and seafoods. It also contains no allergens, zero cholesterol
and is lower in both calories and salt than real shrimp.
“Our product is a delicious, one-for-one direct swap for the
real thing, and interchangeable in a wide range of recipes,”
McGovern said. “It gives chefs and food service operators great
menu options while addressing consumers’ growing demand for
sustainable choices.”
New Wave Foods is currently expecting to announce the launch of
its Series A round in the near future.
In June, Tyson Foods announced its own alternative protein
products under the Raised & Rooted® brand, led by Justin
Whitmore, executive vice president of alternative proteins and
chief sustainability officer for the company. The initial Raised
& Rooted® products include nuggets made from plants, available
in 5,000 retail stores by the end of September, and blended burgers
made with a combination of beef and plants that will be available
this fall.
Tyson Ventures was launched in December 2016 and is focused on
investing in promising entrepreneurial food businesses that are
pioneering new products or technology.
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 had 121,000 team
members at September 29, 2018. 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. Media ContactsTyson
Ventures | Worth Sparkman, 479-290-6358, worth.sparkman@tyson.com
New Wave Foods | Mary McGovern, 510-736-0693,
info@newwavefoods.com
Category: IR, Newsroom
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