Food producer Tyson Foods acquired a 5% stake in Beyond Meat, a US-based developer of high-protein vegan food products, yesterday for an undisclosed amount.
Beyond Meat produces a range of meat-free, non-GMO food products including burgers, ready meals and chicken substitutes, which are sold in roughly 11,000 outlets in the US.
The funding provided by Tyson, reportedly the largest meat processor in the US, will support the expansion of Beyond Meat’s distribution capabilities and product range.
Monica McGurk, Tyson Foods’ executive vice-president of strategy and new ventures, said: “We are enthusiastic about this investment, which gives us exposure to a fast-growing segment of the protein market.
“It meets our desire to offer consumers choices and to consider how we can serve an ever-growing and diverse global population, while remaining focused on our core prepared foods and animal protein businesses.”
The company raised $17m in 2015 from investors including 301, the strategic investment unit launched by packaged food producer General Mills in October 2015, according to the New York Times, which cited venture capital database CB Insights.
Other investors in Beyond Meat include Humane Society of the United States, Microsoft founder Bill Gates and VC firm Kleiner Perkins Caufield & Byers.
– Image courtesy of Beyond Meat