Plant based protein maker Beyond Meat has secured additional investment from the largest US poultry producer Tyson Foods, as it announces a tripling production capacity of its plant burger.
Beyond Meat, which currently has its plant burger in 5,000 US stores, has raised a further $55m in funding. Tyson Foods’ latest investment slightly increases its ownership stake from the 5% it established a year ago.
Beyond Meat, which has advocates that include Bill Gates and Leonardo DiCaprio, is now selling its products in a range of chains including TGI Fridays and is expected to launch in Europe in the first quarter of next year.
Justin Whitmore, Tyson Foods executive vice president, said global demand for all protein remains high: “We’re passionate about meeting that demand sustainably. Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.
“This investment reinforces our focus on protein and enables us to support Beyond Meat’s efforts to produce new, leading edge products. What we’re most excited about is that we can do all of this while continuing to provide the great tasting, high quality food that is the hallmark of our company.”
Other companies that have invested in Beyond Meat include General Mills, the Humane Society and a range of venture capital businesses.
Seth Goldman, Beyond Meat chairman, said he saw the UK as a priority market: “We want to find significant partners to go to sale quickly,” he told a media conference in London earlier this autumn.