Arkansas-based Tyson Foods Inc. has announced plans to create a venture fund aimed at developing new innovations in how to feed the world's population.
The Springdale-based meat company says it will make $150 million available for Tyson New Ventures LLC. Tyson says the fund will complement the company's continued investment in fresh meat, poultry and prepared foods.
The venture fund's first investment is in Beyond Meat, a California-based company that makes "plant-based protein." Tyson says the venture fund will concentrate on alternative proteins, like the Beyond Meat deal, as well as other startups aimed at eliminating food waste and finding new innovations in technology.
Tyson is one of the world's largest food companies and its brands include Jimmy Dean, Hillshire Farm, Sara Lee and Ball Park.