Tyson Ventures taps into plant-based shellfish with New Wave Foods investment

06 Sep 2019 --- Tyson Foods, Inc., through its corporate venture subsidiary, Tyson Ventures, has completed an investment in San Francisco-based New Wave Foods, a company focused on producing plant-based shellfish which also has plans to have a shrimp alternative ready for foodservice operators in early 2020. The move is part of Tyson Ventures strategy of identifying and investing in companies with disruptive products and breakthrough technologies.

It closely follows Tyson Foods moving into meat alternatives and unveiling its own plant-based protein products, including nuggets made from plants and blended burgers made with a combination of beef and plants, under the Raised & Rooted brand.

“We’re excited about this investment in the fast-growing segment of the plant-based protein market,” says Amy Tu, President of Tyson Ventures. 

New Wave’s sustainable shrimp-free shrimp product is based on Co-Founder and Chief Technology Officer Michelle Wolf’s extensive collaboration with a team of experienced R&D professionals in the US, including 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 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.

Terms of the deal were not disclosed.

“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, 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.”

“Our product is a one-for-one direct swap for the real thing, and interchangeable in a wide range of recipes,” McGovern adds. “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.

Tyson Ventures was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.

Edited by Gaynor Selby