Tyson Ventures, the venture capital unit of Tyson Foods, has co-lead a $2.2m seed investment in Future Meat Technologies.
Based in Jerusalem, Future Meat Technologies is a food tech company that is engaged in non-GMO production of cultured meat directly from animal cells. This process of developing meat in laboratories does not require raising or harvesting of animals.
Future Meat is said to be developing a new generation of manufacturing technology that facilitates the production of fat and muscle cells in a cost-efficient manner.
Future Meat Technologies CEO Rom Kshuk said: “Global demand for protein and meat is growing at a rapid pace, with an estimated worldwide market of more than a trillion dollars, including explosive growth in China.
“We believe that making a healthy, non-GMO product that can meet this demand is an essential part of our mission.”
The seed funding round also involved the participation of Israeli food conglomerate Neto Group, Chinese food technology venture capital fund BitsXBites, Israeli investment fund Agrinnovation and US-based HB Ventures.
Future Meat said that it will use the funds to set up its engineering activities and expand its biological research while hiring engineers, chefs and scientists.
Tyson Foods executive vice president, corporate strategy and chief sustainability officer Justin Whitmore said: “This is our first investment in an Israel-based company and we’re excited about this opportunity to broaden our exposure to innovative, new ways of producing protein.
“We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”
In another recent investment in meat alternative producers, Tyson Ventures bought equity stake in Beyond Burger brand owner Beyond Meat, which builds meat directly from plants.
Tyson Ventures was created in December 2016 as a $150m venture capital fund by Tyson Foods.
Earlier, this year, the venture capital fund invested an undisclosed amount in US food startup Tovala, a manufacturer of internet-connected countertop steam ovens with fresh ready-to-cook meals.
