Tyson Foods, Inc., through its corporate venture 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.
New Wave’s product is based on co-founder and chief technology officer, Michelle Wolf’s extensive collaboration with a team of some of the very best, most experienced R&D professionals in the US. This eclectic team included leading food scientists as well as academics. The company’s first offering, a plant-based shrimp, is made with sustainably sourced seaweed and plant protein, and contains all 8 essential amino acids that are found in all meats and seafoods. It also contains no allergens, zero cholesterol and is lower in both calories and salt than real shrimp.
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, executive vice president of alternative proteins and chief sustainability officer for the company. The initial Raised & Rooted® products include nuggets made from plants, available in 5,000 retail stores by the end of September, and blended burgers made with a combination of beef and plants that will be available this fall.
Tyson Ventures was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.