Tyson Foods, the US meat-packing giant, has invested in lab-grown meat startup company Memphis Meats.
Memphis Meats produces lab-grown meat from animal cells.
The investment is an example of Tyson Foods’ commitment to explore innovative, new ways of meeting growing global demand for protein.
While the terms were not disclosed, Tyson Foods investment represents a minority stake in the business.
Other investors in Memphis Meats, include Cargill, Bill Gates and Richard Branson.
Justin Whitmore, executive vice-president corporate strategy and chief sustainability officer of Tyson Foods, said: “We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate.
“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”
Memphis Meats expects to use the funds to accelerate product development. The company is currently recruiting to expand its team of chefs, scientists, creative people and business people.
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Tyson Foods, the US meat-packing giant, has invested in lab-grown meat startup company Memphis Meats.
Memphis Meats produces lab-grown meat from animal cells.
The investment is an example of Tyson Foods’ commitment to explore innovative, new ways of meeting growing global demand for protein.
While the terms were not disclosed, Tyson Foods investment represents a minority stake in the business.
Other investors in Memphis Meats, include Cargill, Bill Gates and Richard Branson.
Justin Whitmore, executive vice-president corporate strategy and chief sustainability officer of Tyson Foods, said: “We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate.
“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”
Memphis Meats expects to use the funds to accelerate product development. The company is currently recruiting to expand its team of chefs, scientists, creative people and business people.
Read more
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Bill Gates invests in plant-based Impossible Burger that ‘bleeds’
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