Investments & Acquisitions

Tyson Invests in Plantbased Shrimp Producer New Wave Foods

Tyson Foods Inc. announces yesterday that it has completed an investment in New Wave Foods through its subsidiary Tyson Ventures. New Wave produces plantbased seafood and aims to launch a vegan shrimp product to market early next year.

In a continuation of the corporate takeover of the plantbased market, which we reported last month to be one of F & B’s biggest trends of the year, Tyson says it is “excited about this investment in the fast-growing segment of the plant-based protein market.” Amy Tu, president of Tyson Ventures, says: “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.”

San Francisco based New Wave Foods expects to announce the launch of its Series A round in the near future. Its CEO Mary McGovern states: “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.”

New Wave PopcornShrimp
©New Wave Foods

The shrimp will be New Wave’s first offering, made with sustainably sourced seaweed and plant protein, and contains all 8 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.”

She attests that the 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.”

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