Tyson Foods, Inc., Springdale, Ark., through its corporate venture subsidiary, Tyson Ventures, invested in New Wave Foods, a San Francisco-based producer of plant-based shellfish. Through this acquisition, Tyson Ventures plans to have a shrimp-alternative line available for foodservice operators in early 2020.
“We’re excited about this investment in the fast-growing segment of the plant-based protein market,” says Amy Tu, president of Tyson Ventures. “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.”
“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,” says Mary McGovern, chief executive officer 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.”
New Wave’s first offering—a plant-based shrimp—is made with sustainably sourced seaweed and plant protein, and contains all 8 essential amino acids found in all meats and seafoods. 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 says. “It gives chefs and foodservice operators great menu options while addressing consumers’ growing demand for sustainable choices.”
New Wave Foods also announced plans to launch its Series A round in the near future.