Americans love shrimp, but what about faux shrimp? Tyson Ventures, the venture capital fund owned by Tyson Foods, announced an investment in San Francisco-based New Wave Foods, a female-founded startup that makes plant-based shrimp.
Tyson Foods did not disclose the amount of this investment or any other details about the deal.
“We’re 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.”
New Wave’s product is based on co-founder and Chief Technology Officer Michelle Wolf’s collaboration with a research and development team that included leading food scientists and academics. The company’s first offering, a plant-based shrimp, is made with sustainably sourced seaweed and plant protein and contains all eight essential amino acids found in meats and seafood. It also contains no allergens, zero cholesterol and is lower in calories and salt than real shrimp, the release states.
“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.”
McGovern said the product is a one-for-one swap for the real thing and completely interchangeable in a wide range of recipes.
“It gives chefs and foodservice operators great menu options while addressing consumers’ growing demand for sustainable choices,” she added.
New Wave Foods expects to announce the launch of its Series A round in the near future, according to the Tyson Foods release.