Tyson Foods Bets On Alternative Seafood Products

Tyson Foods, Inc. TSN, best known for its lineup of chicken products, wants exposure to the plant-based food market.

What Happened

Tyson Foods announced Thursday in a press release its corporate venture subsidiary called Tyson Ventures finalized an investment in a company called New Wave Foods. The San Francisco-based company manufactures plant-based shellfish items and will have a new lineup of shrimp alternative items early next year.

New Wave Foods uses sustainable sourced seaweed and plant proteins which includes all eight essential amino acids that are included in all meats and seafood.

"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," said Mary McGovern, CEO of New Wave Foods.

Why It's Important

Tyson Ventures President Amy Tu said its new investment is consistent with the company's focus of identifying and investing in companies with "disruptive products." New Wave Foods also implements "breakthrough technologies" related to Tyson's core business which will facilitate serving the growing global population.

Financial terms of the transaction were not announced and New Wave Foods will announce soon the launch of a Series A investment round.

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