The deal will allow Tyson Foods to broaden its exposure to new ways of producing protein, as well as exploring additional opportunities for growth.
“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,” said Justin Whitmore, chief sustainability officer of Tyson Foods.
“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”
The funds will be used to establish Future Meat Technologies’ engineering activities and increase its biological research into cultured meat.
Future Meat Technologies, which is based in Jerusalem, Israel, is a company that focuses on developing a new generation of manufacturing technology that enables the non-GMO production of meat directly from animal cells.
Without raising or harvesting animals or any genetic modifications, the biotechnology company can produce fat and muscle cells that is licensed by The Hebrew University of Jerusalem.
Future Meat Technologies CEO Rom Kshuk said making healthy, non-GMO products could meet the rapid global demand for protein and meat.
“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,” said Kshuk. “We believe that making a healthy, non-GMO product that can meet this demand is an essential part of our mission.”
Future Meat Technologies claims to be the only worldwide company holding an unlimited cell source that is not genetically modified and capable of differentiating to both muscle and fat.
Tyson Foods has shown interest in the alternative protein market since increasing its stake in plant-based business Beyond Meat at the end of last year.