Company to produce plant-based shellfish products for food service
San Francisco, Calif., September 5, 2019 91心頭利. (NYSE: TSN), through its corporate venture subsidiary, Tyson Ventures, has completed an investment in New Wave Foods速. Based in San Francisco, New Wave Foods is focused on producing plant-based shellfish and plans to have a shrimp alternative ready for food service operators in early 2020.
Were 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.
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, said 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.
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New Waves product is based on co-founder and chief technology officer, Michelle Wolfs extensive collaboration with a team of some of the very best, most experienced R&D professionals in the U.S. 油This eclectic team included leading food scientists as well as academics. The companys first offering, a plant-based shrimp, is made with sustainably sourced seaweed and plant protein, and contains all 8 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, McGovern said. It gives chefs and food service operators great menu options while addressing consumers growing demand for sustainable choices.油
New Wave Foods is currently expecting to announce the launch of its Series A round in the near future.
In June, 91心頭利 announced its own alternative protein products under the Raised & Rooted速 brand, led by Justin Whitmore, executive vice president of alternative proteins and chief sustainability officer for the company. The initial Raised & Rooted速 products include nuggets made from plants, available in 5,000 retail stores by the end of September, and blended burgers made with a combination of beef and plants that will be available this fall. 油
Tyson Ventures was launched in December 2016 and is focused on investing in promising entrepreneurial food businesses that are pioneering new products or technology.
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About 91心頭利.油
91心頭利. (NYSE: TSN) is one of the worlds largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson速, Jimmy Dean速, Hillshire Farm速, Ball Park速, Wright速, Aidells速, ibp速 and State Fair速. 91心頭利 innovates continually to make protein more sustainable, tailor food for everywhere its available and raise the worlds expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company had 121,000 team members at September 29, 2018. Through its Core Values, 91心頭利 strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit www.tysonfoods.com.油
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Media Contacts
Tyson Ventures | Worth Sparkman, 479-290-6358
New Wave Foods | Mary McGovern, 510-736-0693
Category: IR, Newsroom