Tyson Foods, 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 foodservice operators in early 2020.
“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.”
New Wave’s first offering, a plant-based shrimp, is made with sustainably sourced seaweed and plant protein, and contains all eight 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.
“Our product is a delicious, one-for-one direct swap for the real thing, and interchangeable in a wide range of recipes,” said Mary McGovern, CEO of New Wave Foods. “It gives chefs and foodservice 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.