Beyond Meat, the US-based creator of a vegetarian burger designed to taste and feel like meat, has raised $55m in funding from investors including food producer Tyson Foods.
The round was led by Cleveland Avenue, the venture capital firm founded by Don Thompson, formerly chief executive of fast food group McDonald’s Corporation.
Beyond Meat produces its own proteins that function as meat substitutes, and its burgers are sold at more than 19,000 US retail locations.
The funding will support research and development as well as the growth of the company’s sales and distribution capabilities and an expansion in manufacturing it expects will triple its production footprint.
Justin Whitmore, Tyson Foods’ executive vice-president of corporate strategy and chief sustainability officer, said: “Global demand for all protein remains high and we are passionate about meeting that demand sustainably.
“Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
Tyson had previously paid an undisclosed amount for a 5% stake in Beyond Meat in October 2016. Beyond Meat received $17m in funding the year before, in a round that reportedly featured packaged food supplier General Mills’ corporate venturing vehicle, 301 Ventures, and Obvious Ventures.
The company’s backers also include angel investors such as Jack and Suzy Welch, Thomas Middleditch, Seth Goldman and Candice Bergen, it said in a statement, though it did not disclose whether any of them took part in the latest round.
Kleiner Perkins Caufield & Byers, Humane Society of the United States, Closed Loop Capital, S2G Ventures and private investor Bill Gates, are reportedly among Beyond Meat’s earlier investors.
– Photo courtesy of Beyond Meat.