The venture arm of the giant meat processor Tyson Foods invested in Memphis Meats, a food tech start-up that is developing cultured meat produced directly from animal cells. The Arkansas-based company declined to say how much money Tyson Ventures injected into Memphis Meats for a minority stake in the “clean meat” operation.
“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices,” said Justin Whitmore, chief sustainability officer of Tyson. In a statement, Tyson Foods said the investment exemplified its interest in “innovative, new ways to meet growing global demand for protein.”
Memphis Meat said it would use the funds to accelerate product development. ” “Our vision is for the world to eat what it loves, in a way that addresses today’s challenges for the environment, animal welfare and public health,” said its chief executive, Uma Valeti.
Tyson Food also has invested in Beyond Meat, which sells plant-based protein foods, said the Good Food Institute, which focuses on clean meat and plant-based alternatives to animal products. It says Tyson Ventures’ investment “comment in May 2017 from Tyson CEO Tom Hayes predicting that in 25 years, 20 percent of meat produced will be either clean or plant-based.”