SPRINGDALE, Ark. — Plant-based seafood is the latest focus of Tyson Ventures, which announced its investment in San Francisco-based New Wave Foods, which manufactures shellfish alternatives. Tyson Ventures, the corporate venture arm of Tyson Foods Inc., is positioned to be a part of a plan to roll out a shrimp alternative product by early next year, which is made from plants and targets the foodservice segment.
The plant-based shrimp is New Wave’s first product launch and is made with sustainably sourced seaweed and plant protein, according to the start-up company. The company also claims the product contains the same amino acids found in traditionally produced meats and seafoods.
“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 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,” 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.”
New Wave has announced plans to launch its first wave of venture capital financing soon.