Tyson Foods, Inc., through its venture capital subsidiary, Tyson Ventures, has completed an investment in New Wave Foods®. Based in San Francisco, 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.
Tyson Ventures was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.
“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 on 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.”
The company’s first offering, a plant-based shrimp, is made with seaweed and plant protein, and contains all eight essential amino acids that are found in all meats and seafood. It 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 the Raised & Rooted® brand, led by Justin Whitmore, newly-named Tyson Foods executive vice president of alternative proteins.
