Plant-based tech startup Beyond Meat is set to triple its production capacity after raising $55 million in the latest fundraising round.
Venture Capital firm Cleveland Avenue led the financing round, investors included meat giant Tyson Foods.
Cleveland Avenue Founder Don Thompson – former CEO of McDonald’s Corporation – said: “We see Beyond Meat as a strategic and compelling consumer-focused investment.
“Customer response to Beyond Meat’s great-tasting products has driven its growth, and we’re excited about our investment as the brand continues to innovate for the future.”
Justin Whitmore, Executive Vice President Corporate Strategy and Chief Sustainability Officer of Tyson Foods, added: “Global demand for all protein remains high and we’re passionate about meeting that demand sustainably.
“Our investment in Beyond Meat provides another fantastic alternative for consumers as we strive to sustainably feed the world.”
According to a spokesperson: “This latest round of fundraising totaling $55 million, will be used to more than triple the size of the Beyond Meat’s production footprint, further fund the company’s R&D commitment to perfectly build meat from plants, and expand sales and distribution.
“The brand’s high-octane growth and groundbreaking approach to merchandising, which includes the first plant-based burger to be sold in the meat case at the country’s two largest grocery chains, Kroger and Albertsons Companies, attracted such notable investors as Jack & Suzy Welch, Silicon Valley’s Thomas Middleditch, Seth Goldman (Founder of Honest Tea), and Candice Bergen, among others.”