“We look at as an ‘and,’ not an ‘or,’ ” compared with Tyson’s conventional meat business, said Monica McGurk, Tyson’s head of strategy in a Wall Street Journal article. While the fledgling alternative protein market aims to directly compete with animal meat, Tyson said it sees the fund as a complement to continued investment in its core fresh meats, poultry, and prepared foods businesses. That means Tyson could be investing in everything from new types of packaging that can give a chicken a longer shelf-life, to sensors, software or robotics that can reduce food waste in factories or at restaurants, or innovation that’s more around a great new food brand. This diverse focus area could stretch a wide variety of technologies from innovative packaging, food waste repurposing technologies, shelf-life enhancement technology, new food brands, insect farming, and livestock monitoring tech. Tyson New Ventures will invest in three main areas: alternative proteins companies tackling food insecurity and food waste and digital tools to grow and track food, ensure food safety and promote consumer empowerment in the food chain. The company, which earlier this year shocked the sector by making an investment in plant-based meat alternative company BeyondMeat, said in a statement it would make $150 million available to invest in companies “developing breakthrough technologies, business models, and products to sustainably feed a growing world population.” This week, Tyson Foods joined the growing list of food companies with venture capital funds investing in food and agritech startups.
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