Tyson Ventures has invested in New Wave Foods, a startup making a plant-based shrimp substitute

Tyson Foods is getting into the seafood business.

Through the company’s venture capital arm, Tyson is investing in New Wave Foods, a San Francisco-based startup that’s making a plant-based shrimp substitute.

The company, founded by marine biologist Dominique Barnes and chief technology officer Michelle Wolf, who studied biomedical engineering at Carnegie Mellon, is helmed by longtime consumer goods executive Mary McGovern.

There’s a multibillion-dollar opportunity in the seafood market as consumers turn away from beef as a source of protein, and several startups are out in the market pursuing either plant-based or cultured protein alternatives to traditional seafood.

Indeed, Shiok Meats is a company that’s pursuing the development of a lab-grown alternative to farmed shellfish.

Shiok Meats takes the cultured meat revolution to the seafood aisle with plans for cultured shrimp

For Tyson, the investment is the latest foray into the increasingly competitive market for alternative meats.

The company was also an investor in Beyond Meat prior to its public offering and is backing the lab-grown meat company Memphis Meats, as well.

“We’re excited about this investment in the fast-growing segment of the plant-based protein market,” said Amy Tu, president of Tyson Ventures, in a

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