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Tyson Foods invests in plant-based shrimp company

Tyson Foods invests in plant-based shrimp company

After selling off its existing stake in the brand Beyond Meat during spring this year, Tyson Foods’ following bet is upon the shellfish based out of plant.

Tyson Foods’ venture capital, Tyson Ventures is now investing its stake on the New Wave Foods. Tom Mastrobuoni, the CFO of Tyson Ventures has declined to talk about the financial dealings of this agreement. However, it mentioned that Tyson took the minority stake in “New Wave”, which was lower than 20 percent.

This particular start-up, that came into existence in the year 2015, and is popular for creating vegetarian shrimp with use of seaweed, natural flavors, and soy protein. Mastrobuoni mentioned that he tasted this shrimp made of out plant materials and he couldn’t differentiate between the original and the plant-version.

After shrimp, now “New Wave” wants to plan a move that changes lobster and crab in vegetarian options. According to Michelle Wolf, the Chief Technology Officer and co-founder of “New Wave”, Shrimp is among the most snacked seafood in a global level. Wolf also added that this makes sense from business perspective given the high market opportunities in the future.

While multiple companies are coming up with plant-based tuna or salmon alternatives, “New Wave” has been focusing on the sale of crustacean substitutes.