Tyson Foods Inc. of Springdale said Thursday that its corporate venture subsidiary, Tyson Ventures, has invested in New Wave Foods of San Francisco, which makes plant-based shellfish.
The company, which Tyson says plans to announce a Series A round soon, aims to have a shrimp alternative ready for food service operators in early 2020.
"We're excited about this investment in the fast-growing segment of the plant-based protein market," Tyson Ventures President Amy Tu said in a news release. "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."
Tyson Foods has invested in other alternative and plant-based protein companies including Beyond Meat of El Segundo, California. Tyson sold its stake in the company in April right before announcing its own alternative protein brand, Raised & Rooted, in June.
Mary McGovern, CEO of New Wave Foods, said it worked with the Culinary Institute of America as it developed its plant-based shrimp.
"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," she said in a news release. "The proof is in the overwhelming, positive response we have had to the product."
New Wave says its 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."
McGovern said the product gives chefs and food service operators "great menu options while addressing consumers' growing demand for sustainable choices."