Tyson Foods to invest in start-up companies

Tyson Foods has launched a venture capital fund that will be used to invest in companies that develop advanced technologies, business models and products to sustainably feed a growing world population.

As part of its new initiative, Tyson will offer $150m in funding through Tyson New Ventures to complement the company’s continuing investment in innovation in its core fresh meats, poultry and prepared foods businesses.

Tyson New Ventures is planning to invest in the entrepreneurial food business and influence the company’s expertise to strengthen their development.

Tyson Foods executive vice-president of strategy and new ventures and foodservice president Monica McGurk said: “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.

 “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 US 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.

James and her team will be focusing on the start-ups that complement Tyson Foods’ existing business and product development efforts, concentrate on alternative proteins and food waste elimination, and leverage innovative trends in technology.

McGurk further added: “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.”