The Hustle

Tyson makes a jumbo investment in plant-based shrimp

Tyson Foods invested in a plant-based shrimp company called New Wave Foods, signaling increased investment in fake fish.


September 6, 2019

The protein-processing powerhouse, better known as the 2nd-largest processor of animal-meats, invested in a plant-based shrimp startup called New Wave Foods.

Investors ate up plant-based turf, now it’s time for plant-based surf

Tyson’s already been a part of the tidal wave of plant-based investment: The company holds a 6.52% stake in plant-based powerhouse Beyond Meat.

But, despite big interest in alt-burgers, few plant-preferring investors cast their nets widely enough to fund fake fish — which is where New Wave wriggles into the picture. 

“There’s a clear advantage to coming in and being the first disruptive shrimp,” New Wave CEO Mary McGovern told The Washington Post.

There are other (plant-based) fish in the sea… 

New Wave focused first on shrimp — which are consumed 2x as much as any other seafood in the US and whose price varies seasonally between $4-$11/pound.

But, down the line, New Wave plans to add lobster and crab to its company’s cocktail of crustaceans.

And, although New Wave is one of fastest-swimming startups in the growing school, other fake-fisheries including Finless Foods, Good Catch, and Tuno are also reeling in everything from petri-dish-caught tuna to seafood-free sashimi.

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