Tyson Foods Injects More Money Into Plant-Based Meat
Tyson Foods announced that it made a follow-on investment into Beyond Meat, increasing the five percent ownership stake it established last year (terms were not disclosed). This was part of the latest fundraising round for the California-based Beyond Meat, which makes a burger designed to taste like a cow but is made from plants instead.
The latest fundraising round for Beyond Meat secured additional capital of $55 million. The round was led by venture capital fund Cleveland Avenue, which is notable given its founding by former McDonald’s CEO Don Thompson (Thompson joined the BM board back in ’15). This adds to the $90 million raised in previous rounds, with other notable investors such as Bill Gates, Twitter co-founders Biz Stone and Evan Williams, and actor Leonardo DiCaprio.
Beyond Meat said it would use the funds to triple the size of its production. The company’s burgers are currently sold in more than 5,000 stores, including Whole Foods, Kroger and Albertsons. Beyond Meat has also been added to menus at nearly 4,000 restaurants, hotels and college dining halls. Next month, it plans to enter all TGI Fridays restaurants, which will integrate the vegan patty into their Burger Bar.