America’s biggest meat producer, Tyson Foods, increased its stake in Beyond Meat, a maker of plant-based protein food products, during the startups most recent round of fundraising, the Springdale, AR company announced in a Dec. 7 press release.
“Global demand for all protein remains high and we’re passionate about meeting that demand sustainably,” Justin Whitmore, executive vice president of corporate strategy and chief sustainability officer at Tyson, said in a statement. “Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
In October 2016, Tyson acquired a 5% stake in Beyond Meat, pledging to assist the plant-based protein maker in expanding its product offerings and distribution, Powder & Bulk Solids reported. Charles “Chuck” J. Muth, a former Coca-Cola executive was appointed as the new Chief Growth Officer of Beyond Meat in May 2017.
Tyson’s most recent investment “slightly increases” its stake beyond the initial 5%, the release said. Beyond Meat’s latest round of investments will be used to boost production, support the firm’s R&D efforts, and further sales and distribution. The faux meat maker raised $55 million in this latest round, the Wall Street Journal’s coverage said.
“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,” said Whitmore.