Tyson Ventures invests in shellfish producer New Wave Foods

US-based meat producer Tyson Foods has invested in plant-based shellfish producer New Wave Foods through its corporate venture subsidiary Tyson Ventures.

The companies have not disclosed financial details of the investment.

In December 2016, Tyson Foods launched Tyson Ventures to invest in potential food businesses that are engaged in developing products or technology.

Tyson Ventures president Amy Tu said: “We’re excited about this investment in the fast-growing segment of the plant-based protein market.

“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 Foods is engaged in the production of plant-based shellfish for foodservice operators. It also plans to introduce shrimp alternative by early next year.

The company noted that its plant-based shrimp is produced using sustainably sourced seaweed and plant protein, and will contain all eight essential amino acids found in all meats and seafood.

Additionally, the new offerings are claimed to be a zero cholesterol product, low in calories and free of allergens.

New Wave Foods CEO Mary McGovern said: “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.

“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.”

In June, Tyson Foods expanded its protein products offering with the introduction of its first plant-based and blended products, along with its the Raised & Rooted brand.