September 10, 2019
Tyson Ventures invests in New Wave Foods
Tyson Foods, Inc., through its corporate venture subsidiary, Tyson Ventures, has completed an investment in New Wave Foods.
Based in San Francisco, the United States, 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 top R&D professionals in the US.
The company's first offering, a plant-based shrimp, is made with sustainably sourced seaweed and plant protein, and contains all eight essential amino acids that are found in all meats and seafood. 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 its 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.