Tyson, through its venture capital fund, chose to participate in Beyond Meat's most recent fund-raising initiative, which is designed to generate additional capital to help the business continue to expand its product portfolio and distribution.
While the terms were not disclosed, Tyson's latest investment slightly increases its ownership stake in Beyond Meat from the 5% established a year ago.
Based in Los Angeles, Cal., Beyond Meat is a privately held company with a mission of building meat directly from plants.
“Global demand for all protein remains high, and we're passionate about meeting that demand sustainably,” said Justin Whitmore, Tyson executive vice president corporate strategy and chief sustainability officer. “Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
Whitmore added, “This investment reinforces our focus on protein and enables us to support Beyond Meat's efforts to produce new leading-edge products. What we're most excited about is that we can do all of this while continuing to provide the great-tasting, high-quality food that is the hallmark of our company.”
Beyond Meat reported that the latest fund-raising round, which also includes the support of venture capital fund Cleveland Avenue, will be used to expand production, fund the company's research and development commitment and expand sales and distribution, according to the announcement.
Tyson's venture capital fund was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.
Tyson, based in Springdale, Ark., is one of the world's largest food companies and a leader in protein, with a broad portfolio of products and brands like Tyson, Jimmy Dean, Hillshire Farm and Ball Park.