According to Forbes, Tyson Foods has started a venture capital fund to invest in plant-based and sustainable protein options.
On Monday, America’s largest meat producer announced that it had launched Tyson New Ventures LLC, a $150 million venture capital fund. The company said the fund will focus on companies that are developing “breakthrough” technology and business models.
Just last month, the company announced a 5-percent stake in fast-growing vegan protein company Beyond Meat.
Tyson’s executive vice president of strategy, Monica McGurk, stated:
We believe we can accelerate the growth of startups through our capabilities in such areas as food and culinary research and development, sourcing, insights, customer relationships and distribution. By doing so, we hope to materially advance the state of the U.S. and global food system.
Tyson isn’t the first big company to invest in the vegan movement. Earlier this year, General Mills created its own VC arm and has since invested in vegan cheese company Kite Hill.
With an estimated 12 percent of millennials identifying as faithful vegetarians, this is truly a wise investment in the future. Meat consumption in the U.S. fell 15 percent in 2015, while sales of vegan protein products exploded. In fact, plant-based proteins are expected to make up a third of the protein market by 2054.