Tyson Foods Inc. of Springdale has taken a 5 percent ownership stake in plant-based protein producer Beyond Meat, both companies announced Monday.
The investment, provided through a fundraising initiative by Beyond Meat, will provide additional capital to help the company expand its product portfolio and distribution. Beyond Meat will remain an independent, privately held company led by Founder and CEO Ethan Brown.
"This investment by Tyson Foods underscores the growing market for plant protein," Brown said in a news release. "I'm pleased to welcome Tyson as an investor and look forward to leveraging this support to broaden availability of plant protein choices to consumers."
As part of this or prior rounds of fundraising, Beyond Meat also has secured funding from investors including The Humane Society of the United States, Bill Gates and Kleiner Perkins.
"We're enthusiastic about this investment, which gives us exposure to a fast-growing segment of the protein market," said Tyson Foods' Executive Vice President of Strategy and New Ventures & President of Foodservice, Monica McGurk. "It meets our desire to offer consumers choices and to consider how we can serve an ever-growing and diverse global population, while remaining focused on our core prepared foods and animal protein businesses."
The terms of the agreement are not being disclosed.