TYSON FOODS CREATES FUND TO INVEST IN THE FUTURE OF FOOD
Tyson Foods, Inc. has introduced a $150 million venture capital fund called Tyson New Ventures L.L.C. The fund will focus on three areas in food and agriculture, including alternative proteins, food waste and food insecurity.
“We intend to collaborate with promising food entrepreneurs who are pioneering new products and technology that are making meaningful changes and improvement to food systems,” said Monica McGurk, executive vice-president of strategy and new ventures and president of food service for Tyson Foods. “We believe we can accelerate the growth of start-ups 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 New Ventures will be based in Chicago and led by Mary Kay James, who has been named vice-president and general manager.
“This fund is about broadening our exposure to innovative, new forms of protein and ways of producing food, while remaining focused on our core fresh meats, poultry and prepared foods businesses, which are also experiencing tremendous consumer demand and growth,” Ms. McGurk said.
Tyson Foods’ is not alone. This new venture continues a trend that has been developing in the food and beverage market for the past few years. Companies such as General Mills, Inc., the Campbell Soup Co., the Hain Celestial Group and Coca-Cola Co. have developed funds in an effort to get in on the ground floor of promising new companies and technologies as they seek new avenues for growth.
Tyson Foods, Inc. (TSN), with headquarters in Springdale, Arkansas, is one of the world’s largest food companies and it’s a recognized market leader in chicken, beef and pork as well as prepared foods, including bacon, breakfast sausage, turkey, lunch-meat, hot dogs, pizza crusts and toppings, tortillas and desserts. The company supplies retail and food service customers throughout the United States and approximately 130 countries.
